S&P rates Verizon Wireless notes A

Standard & Poor's said it assigned an A rating to the €650 million three-year notes, €500 million seven-year notes and £600 million 10-year notes privately issued by Cellco Partnership aka Verizon Wireless and Verizon Wireless Capital LLC and affirmed the A corporate credit ratings of Verizon Wireless and its 55% owner, Verizon Communications Inc.

The outlook is negative.

Proceeds from the notes will be used to pay a portion of the purchase price for the company's pending purchase of regional wireless carrier Alltel Corp. (B+/Watch positive).

The agency said the ratings on Verizon Wireless are based on those of Verizon and reflect the rapid growth of Verizon's wireless segment and strong business position and cash generation, sizable local exchange operations capable of producing substantial free cash flow and a modest financial risk profile.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.