S&P rates Verizon notes A-

Standard & Poor's said it assigned its A- issue level rating to Verizon Communications Inc.'s proposed public notes issues, currently of an indeterminate amount, with multiple maturities anticipated by the company.

Verizon plans to use proceeds to repay existing debt, largely prior to maturity, according to an S&P news release. S&P said it views this issuance as neutral to the company's overall credit profile and financial risk profile; leverage will not change from the current 2.9x.

Ratings reflect the company's strong business profile as the largest wireless carrier in the U.S., and its intermediate financial profile, with modest prospects for leverage improvement over the next few years to the mid-2x area, the agency said.

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