Fitch Ratings Withdraws BellSouth Telecommunications Discount Notes Rating

Fitch Ratings has affirmed and withdrawn the rating of BellSouth Telecommunications Inc.'s sale and leaseback $45 million discount notes as follows:

--$45 million discount notes at 'BBB-'; Outlook Stable.

The discount notes are guaranteed by a residual value insurance policy, provided by RVI America. The rating of the discount notes represents a direct pass-through to the rating of RVI America. Fitch withdrew the rating of RVI America, as the ratings were considered no longer relevant to the agency's coverage. For more information on Fitch's withdrawal of RVI America, please see the release titled 'Fitch Affirms and Withdraws RVI's Guaranty Co.'s Ratings', dated Sept. 30, 2011, available at 'www.fitchrtings.com'.

Additional information on Fitch's criteria for analyzing Structured Finance transactions is available in the Aug. 4, 2011 report, 'Global Structured Finance Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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