Fitch rates Verizon notes A-

Fitch Ratings said it assigned an A- rating to Verizon Communications Inc.'s $3 billion offering of 4.5% senior unsecured notes due 2033 and its $950 million offering of 5.15% senior unsecured notes due 2050.

The proceeds will be used to purchase notes tendered in the cash tender offers announced July 31, Fitch said.

The agency also said it assigned an A- rating to Verizon's senior unsecured exchange notes due 2025.

Verizon commenced an offer to purchase existing senior unsecured notes for 17 series of notes for cash or newly issued senior unsecured notes, along with cash for specified series of existing notes, Fitch explained.

The exchange will refinance near-term maturities and retire higher cost debt with longer maturities, the agency said.

Separately, Verizon has commenced 29 separate offers to purchase for cash up to $1.5 billion of outstanding series of notes, Fitch said.

The ratings are supported by Verizon Wireless's strong competitive position as evidenced through industry-low churn rates, high margins and the extensive coverage of about 98% of the U.S. population with its 4G LTE network, the agency said.

These factors are balanced against the intensely competitive wireless environment and moderately high leverage for the rating, Fitch said.

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