Fitch affirms Verizon

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

The outlook is stable.

The action reflect Verizon's plan to spin off local exchange assets in 14 states into a separate company, which will then merge with Frontier Communications Corp. in a tax-free transaction to create a large rural local exchange company, according to the agency.

The affirmation reflects the minimal impact of the deal on Verizon and the operations that will remain with Verizon, Fitch said.

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