https://variety.com/2019/biz/features/att-disney-comcast-debt-1203107407/ Excellent article. AT&T has around 195 Billion of total debt obligations at the moment! With declining subscribers accelerating in 2018, will AT&T even be around in 15-20 years ? Begley notes that AT&T — which has about $70 billion in BBB-rated debt that will come due over the next four to five years — is in a tight spot because of the company’s need to maintain investment-grade status and its commitment to paying a sizable annual dividend to shareholders. Simply put, AT&T cannot afford a downgrade for its bonds. Such a move would have a ripple effect throughout the credit markets. The high-yield market could not easily absorb that level of debt from one issuer, Begley says. That could cause market disruption in the speculative-grade world. AT&T can realistically shave 15-20 Billion off the debt in 2019, bringing it around 175-180. But with full blown recession in effect by 2020, what is the future looking like for them ?