	southwestern bell sbc sees ings dilution southwestern bell corp said that its planned acquisitions of cellular telephone and paging systems including those of metromedia inc will result in some initial ings dilution and an increase in debt ratio in a letter to shareholders in its annual report the regional bell company did not indicate the degree of ings dilution it expects from the acquisitions which total some billion dlrs however the company said the rise in its debt ratio will be temporary and will leave its debt level within an acceptable range in its yearend financial statement southwestern bell listed a debt to equity ratio of pct down slightly from pct in in the company ed billion dlrs or dlrs a share compared with mln dlrs or dlrs a share in revenues dipped to billion dlrs from billion dlrs southwestern bell said it expects the new tax law to have a negative impact on its cash flow due mainly to the loss of investment tax credits by mid year however the company said a reduced corporate tax rate should have a positive impact on its net income and cash flow in addition the company said it is projecting a pct gain in customer telephone lines and a three to four pct increase in long distance calling volumes southwestern bell said capital expenditures will be lower that the billion dlrs spent in a year in which expenditures were held below budget reuter 
