AT&T’s balance-sheet risk could be even greater than its debt load indicates, according to a report by research firm MoffettNathanson. The firm’s estimate of the company’s leverage includes operating leases and employee postretirement obligations. That raises the combined company’s liabilities to about $249 billion, implying a four-times leverage multiple, according to the report.
Write to Matt Wirz at matthieu.wirz@wsj.com
Appeared in the June 14, 2018, print edition as 'Takeover To Produce Formidable Debt Load.'