Moody’s gives Baa1 to Verizon notes

Moody's Investors Service said it assigned Baa1 ratings to Verizon Communications Inc.'s newly issued floating-rate notes due 2020 and its proposed Swiss Franc-denominated bonds.

Verizon intends to use the net proceeds for general corporate purposes.

The agency also maintained the provisional Baa1 rating to Verizon's new InterNotes program. The InterNotes will be senior unsecured obligations of Verizon and may be offered on a recurring basis with fixed or floating interest rates and with maturities of nine months or more.

Moody’s said the Baa1 long-term debt rating reflects Verizon's significant scale, extensive assets, predictable cash flows and a strong market position, particularly in wireless. Verizon has consistently demonstrated the ability and discipline to invest in network infrastructure, which sustains its strong market position despite disruptive technology, shifting consumer demand and intense competition.

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