These plans are now in jeopardy due to the ongoing effects from the crisis, however, Moody's viewed these shareholder return plans as credit negative in the face of a still high absolute debt load and significant capital investment needed to remain competitive for the long-term. AT&T's stable outlook reflects our expectation for modest improvement in credit metrics over the next 18 months, with a temporary negative impact on operating performance in 2020 as a result of COVID-19. In addition, Moody's expects free cash flow will remain well in positive territory, the degree of structural subordination in the consolidated post-close capital structure will be managed down to pre-WarnerMedia merger levels and liquidity will remain robust enough to comfortably address upcoming debt maturities and all other business needs.