Fitch rates Verizon notes A-

Fitch Ratings said it assigned an A- rating to Verizon Communications Inc.'s proposed senior unsecured fixed- and floating-rate notes due 2017.

Verizon will use the proceeds primarily to repay some or all of the borrowings under the three-year tranche due February 2017 and for general corporate purposes.

The company has an issuer default rating of A- and stable outlook.

The February 2014 acquisition of the remaining Verizon Wireless stake pressures Verizon's near-term credit metrics, pushing pro forma leverage at closing to about 2.6x, Fitch said.

With the close of the acquisition, the agency said it expects Verizon to materially reduce debt over the next few years, the agency said.

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