BEDMINSTER, N.J. -- While Standard & Poor's today affirmed AT&T's short-term corporate credit and commercial paper ratings at A-2, it placed AT&T's "BBB+" long-term corporate credit on CreditWatch with negative implications. The following statement may be attributed to Edward M. Dwyer, AT&T Vice President and Treasurer: "We understand S&P's concern about the telecom industry. However, AT&T continues to demonstrate success in executing in the marketplace, taking share and growing key areas of our business despite a difficult economic environment and a highly competitive market. We are well-positioned to benefit from any improvement in the economy. "AT&T has one of the strongest balance sheets in the telecom industry, with net debt of $12 billion, net of $4.9 billion in cash. We are operating our business from a position of financial flexibility and strength." AT&T Corp.