AT&T
T,
-4.10%,
Frontier Communications
FYBR,
-11.88%
and Telephone & Data Systems
TDS,
-6.14%
were each downgraded to neutral/high risk from buy at Citigroup, on possible risks from legacy lead sheathed cable exposure. The analysts said both AT&T and Verizon
VZ,
-1.82%
described the potential exposure to lead within their networks as small, but at Verizon, small could be as much as 20%. The firms also said the presence of lead in cabling doesn’t mean there may be health or environmental risks. The note said the timing to receive more information could take at least a couple months and full resolution could take years.
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