Fitch cuts Verizon, rates loan A-

Fitch Ratings said it downgraded Verizon Communications Inc.'s long-term issuer default rating to A- from A; senior unsecured debt to A- from A; senior unsecured bank facility to A- from A; short-term issuer default rating to F2 from F1; and commercial paper rating to F2 from F1.

In addition, the agency assigned an A- rating to Verizon's $61 billion senior unsecured 364-day bridge loan.

The outlook is stable.

Fitch said the downgrade follows a review of Verizon's proposed acquisition of Vodafone Group, plc's U.S. group, with its principal asset of 45% of Verizon Wireless, for $130 billion. Once completed, Verizon will own Verizon Wireless in its entirety.

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