NEW YORK (TheStreet) -- TheDeal's Chris Nolter spoke to Mark Stodden, an analyst at Moody's Investors Service, who said that a deal between AT&T (T) and Vodafone (VOD) is definitely possible but not easy.

He added the deal could be completed without AT&T taking a hit to its rating or credit profile because Vodafone is a low-leverage company.

Stodden said the current valuation for Vodafone is roughly 4.5 to 4.7 times enterprise value to Ebitda. If the deal gets done at 5.5 times enterprise value to Ebitda, it would represent a 20% premium to the current price and a total deal worth roughly $115 billion, he said.

But the deal would not be like the Verizon Communications ( VZ) deal earlier this year when Verizon bought out the remainder of Verizon Wireless from Vodafone. Stodden said there was virtually no risk in the Verizon-Vodafone deal, but the AT&T takeover would be different.

Because Vodafone is a European operator, AT&T would have different regulations to follow, a less-developed 4G network and a different market with a shakier economy.

He concluded that AT&T would likely be willing to absorb these "new business risks," along with a lower credit rating, if the right deal came along.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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