Verizon to keep paying debt as before, despite ratings, debt changes

By Devika Patel

Knoxville, Tenn., Sept. 14 – Verizon Communications Inc. plans to keep paying down debt and running its business as it has previously, despite changes in ratings and what does or does not constitute debt.

“Even though there was some movement by the rating agencies and what counts as debt and what doesn’t, we decided we’re just going to continue to run the business the way we’ve run it,” chairman and chief executive officer Lowell McAdam said at the Goldman Sachs 26th Annual Communacopia Conference in New York on Thursday.

“We’re planning on paying down debt just the way we said we were going to.

“So that maybe evaluated a bit differently because of asset-backed securities and all the other things that they do to figure out your rating but we’re still running the business exactly the same way.

“We still plan on paying down debt, paying dividend and investing in the network,” he said.

Verizon is a New York-based telecommunications company.

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