companies don't cut the dividend when they run out of money telephone companies cut the dividend when moody's and ss time to cut the dividend, right? so what you really have to watch is their credit ratings. right now they're triple b-1 after they close the time warner deal, it's expected they go down one notch, that's fine but you can't go down any further than that without putting the dividend in jeopardy >> no buffer >> they really have no buffer. and look, this is a company that when they close this deal will have $182 billion of debt add in cell towers and unfunded pension and health care and you're talking a quarter trillion dollars of debt, levered at 3 1/2 times, about 3.7 times when you count all of that stuff and if you step back and say, look, this is a business where their wireless business is shrinking at about 2.5%, their wire line business is shrinking at 6, and directv and their entertainment business is the only piece that was growing and now it's shrinking too, that's what people were responding to today, right, which is, how sustainable is that level of debt, and if the debt is n

moody did all his work. he was looking out of through his telescope. the telescope would have been right here. the original one was unfortunately lost in the 1930's. now we are out on the lantern deck at the observatory and today happens to be a very foggy day. all the different weather conditions were evident up here and our friend, captain moody, cap records of all that while he was up at the top of the tower in nearly 19th-century. so it's interesting to see how he made lots of different uses, being at the top, in those days. the exhibit tory operated until the 1920's, when there were better communications systems that came in, shipping changed. there were steamships starting and over the years the technology of transportation and communication changed. so by the 1920's, the observatory really was obsolete. thewhat happened then, was actual family, the descendents of captain modi who still owned the observatory, gave the observatory to the city of portland as a historic sites, as a tourist destination. and then it went through major renovation in the 1930's, in the works progress administration. and very recently, there was a partnership with gr

they all the met in portugal s&p was the first of the three big rating agencies to move to investment grade and after the developments by moody's and fitch and since we are very committed to continue this process of fiscal consolidation and grow the job consolidation, i think we'll have an upgrade by the other ratings agencies over the next month. >> one other debate, expectation that the ecb may start tapering. do you think the pgb, portugal bond market can see less growing? >> after that raid of standard & poor's and after the positive outlooks and the work that has been done in order to bring that down for the next few years, i think that we are in a much better position to face tapering than what we are two years ago that said, in terms of the portuguese bonds, we have seen more liquidity now given that the standard & poor's upgrade was very important as soon as they move to investment grade, we'll expect more liquidity we think we are quite well positioned to face it in a successful manner. >> let's talk with the banking system in portugal do you think the portuguese banking system is well positioned for any new regulation

moody did all his work. the telescope would have been right here. the original one, was lost in the 1930's. now we are out on the deck of the observatory. it happens to be a very foggy day. all the different weather conditions were evident up here, our friend captain moody kept records of all of that while he was at the top of the tower in the early 19th century. very interesting to see. how he made a lot of different uses of being at the top of portland in the days. the observatory operated from 1807 until the early 1920's. what happened during that time, they were -- better communication systems came in. shipping changed, there were themships, over the years technology of transportation and communication changed. by the 1920's, the observatory really what obsolete. what happened then was the family the descendents of, the captain who still owns, the observatory, gave it to the city of portland as a historic site. then, it went through a major renovation and the 1930's in the works progress administration. very recently, there was a partnership with greater portland landmarks in the late 19

s & p and nasdaq up by about three points. private sector jobs grew by 135,000 last month. that's according to adp and moody's. the decline is due in part to hurricane damage. more jobs data coming from the government on friday. google's new wireless headphones support live translation between languages. they'll have to be paired with google's new phone, the pixel 2. that's it from cnbc, first in business worldwide. you nervous? ♪ ♪ ♪ ♪ (avo) but you also have a higher risk of heart attack or stroke. non-insulin victoza® lowers a1c, and now reduces cardiovascular risk. victoza® lowers my a1c and blood sugar better than the leading branded pill. (avo) and for people with type 2 diabetes treating cardiovascular disease, victoza® is now approved to lower the risk of major cardiovascular events such as heart attack, stroke, or death. and while it isn't for weight loss, victoza® may help you lose some weight. (avo) victoza® is not for people with type 1 diabetes or diabetic ketoacidosis. do not take victoza® if you have a personal or family history of medullary thyroid cancer, multiple endocrine neoplasia syndrome