S&P affirms Verizon

Standard & Poor's said it affirmed its ratings on Verizon Communications Inc. and majority-owned Cellco Partnership (d/b/a Verizon Wireless), including the A+ corporate credit ratings. The short-term rating on Verizon Network Funding Co. was lowered to A-1 from A-1+. All ratings have been removed from CreditWatch, and the long-term outlook is negative.

S&P downgraded Verizon Network Funding's A-1 short-term corporate credit and commercial paper ratings. It affirmed Verizon Communications' A+ corporate credit rating and Cellco Partnership's A+ corporate credit and senior unsecured debt ratings.

The ratings on Verizon were placed on CreditWatch with negative implications March 26 due to concern about heightened business risk for the entire regional Bell operating companies' wireline businesses.

The Verizon rating affirmation recognizes that, despite the challenge to its wireline business, its strongly performing wireless segment and continued balance sheet improvement are significant mitigating factors, S&P said.

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