AT&T Inc., CBS Corp. and H.J. Heinz Co. are among the 10 corporations with the worst credit outlooks among U.S. investment-grade bond issues, according to a report released today by Gimme Credit, a fixed-income research company. Engaging in acquisitions or battling with activist shareholders were among the reasons why companies are on the list, Carol Levenson, director of research, said in a statement.
Rounding out the 10 corporations were Centex Corp., Computer Sciences Corp., Inco Ltd., Kinder Morgan Inc., SLM Corp., Tyson Foods Inc. and Wendy's International Inc.
At AT&T, for instance, "advertised synergies" from acquisitions and combinations of business units "will be less than expected and realized farther into the future than initially planned," according to the report.
Anne Vincent, AT&T spokeswoman, said the company declined comment.