Fitch affirms Verizon

Fitch Ratings said it affirmed Verizon Communications, Inc.'s long-term issuer default rating at A+, senior unsecured debt at A+, $6 billion bank facility at A+, short-term issuer default rating at F1 and commercial paper at F1.

The outlook is stable.

The affirmations reflect Verizon's significant scale and scope, the continuing shift of revenue to wireless and wire-line growth areas, its prospects for continued earnings growth and a conservative financial profile, Fitch said.

The company posted a 12-month ratio of debt to EBITDA at 1.2 times, down from 1.4 times in 2005. Fitch said it believes the company is committed to maintaining leverage at 1.4 or below.

Fitch expects more competition for the consumer wire-line market. The agency also said its view incorporates continued access-line losses in the retail residential market, primarily to cable multiple system operators and wireless substitution.

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