S&P rates Verizon notes A

Standard & Poor's said it assigned an A rating to Verizon Communications Inc.'s $1.75 billion of senior notes maturing in 2019 and $1 billion of senior notes maturing in 2039.

The A corporate credit and A-1 commercial paper ratings were affirmed.

The outlook is negative.

Proceeds will be used for the repayment of commercial paper, the repayment of debt and general corporate purposes.

"The rating reflects the rapid growth of Verizon's wireless segment and strong business position and cash generation, as well as its sizable local exchange operations capable of producing substantial free cash flow and a modest financial risk profile," S&P analyst Catherine Cosentino said in a statement.

This is partly offset by a declining landline business.

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