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AT&T Inc. -- Moody's says AT&T's offer to exchange AT&T notes for WarnerMedia (formerly Time Warner Inc.) notes is credit positive

Moody's Investors Service (Moody's) said that AT&T Inc.'s (AT&T, Baa2 stable) announcement on May 2, 2019 that it is commencing an obligor note exchange of new AT&T notes in exchange for notes of its 100% owned subsidiary WarnerMedia Inc. (Baa2 stable) --formerly known as Time Warner Inc. (Time Warner) and its subsidiary Historic TW Inc. (Historic TW), is credit positive. The new AT&T notes will be pari passu with AT&T's existing notes .