AT&T on Friday launched a $17 billion offer to exchange 16 series of DirecTV notes for notes issued by AT&T.

AT&T said each of its notes exchanged for a DirecTV note will come with an identical interest rate and maturity, as well as the same interest payment dates and optional redemption prices of the exchanged DirecTV note. No accrued but unpaid interest will be paid for the DirecTV notes in the offer, the company said.

Moody’s Investor Service on Friday deemed the exchange “credit positive” because it “reduces the structural subordination of existing unsecured debt at AT&T Inc.”

Moody’s said the exchange won’t impact the company’s overall indebtedness, but will improve the standing of unsecured creditors of AT&T. According to Moody’s, the transaction has the potential to reduce the amount of structurally senior to unsecured creditors from $37 billion to just $20 billion if the majority of debt is tendered.