Fitch affirms Verizon

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

The outlook is stable.

The ratings reflect the company's strong free cash flows, which underpin its ability to operate within its target leverage range of 1.3x to 1.4x and that is in line with expectations of about 1.5x for the category, Fitch said.

The ratings also recognize the significant scale and scope of the company's domestic wireline and wireless businesses and the high proportion of revenues from wireless and wireline growth areas, the agency said.

Over the next several years, Fitch said it expects Verizon's contribution to consolidated revenue and EBITDA to continue to increase as a result of moderate subscriber growth and relatively strong data service revenue growth.

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