Fitch rates Verizon notes A

Fitch Ratings said it assigned an A rating to Verizon Communications, Inc.'s proposed three-tranche offering of $4.5 billion of senior unsecured notes.

The proceeds will be used to retire prior to maturity all or a portion of $1.75 billion of debt due in 2013, $2 billion of debt due in 2018 and to fund a tender offer, contingent upon completing the offering, for any or all of the $1.25 billion of 8.95% senior unsecured notes due in 2039, the agency said.

Remaining proceeds may be used for general corporate purposes.

The outlook is stable.

Fitch stated that Verizon's ratings are supported by strong free cash flows, which, in turn, provide the company flexibility with respect to operating within its target leverage range of 1.3x -1.4x.

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