S&P gives Verizon notes BBB+

Standard & Poor's said it assigned its BBB+ rating to Verizon Communications Inc.'s proposed senior unsecured note issues with various maturities, including both floating-rate and fixed-rate coupons.

Proceeds from these issues will be used to fund a portion of the company's roughly $60 billion in cash requirements associated with its planned purchase of Vodafone AG's 45% share in Cellco Partnership (doing business as Verizon Wireless), which the agency said it expects will close in the first quarter of 2014.

The BBB+ corporate credit rating and stable outlook on Verizon remain unchanged and reflect the expectation for Verizon's adjusted leverage to be about 3.4x initially, pro forma for the Cellco buyout.

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