Moody's rates Verizon debt A3

Moody's Investors Service said it assigned an A3 and preliminary A3 rating to the senior unsecured debt and shelf, respectively, assumed by Verizon Communications Inc. after its merger with Verizon Global Funding Corp., a fully owned subsidiary. Moody's also assigned a P-2 short-term rating to the new commercial paper program.

The outlook is stable.

The agency said it believes this simplification of Verizon's corporate funding structure eliminates the structural subordination of Global Funding's debt, modestly strengthening its credit profile.

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