Fitch rates Cellco/Verizon notes A

Fitch Ratings said it has assigned an A rating to the proposed offering of $3 billion or more of a combination of five- and 10-year notes co-issued by Cellco Partnership/Verizon Wireless Capital LLC in a private placement.

Proceeds will be used to pay for a portion of the total cost of the pending acquisition of Alltel Corp., including the purchase of Alltel's shares, the refinancing of its debt and related fees and expenses, the agency said.

Fitch noted that the outlooks for Cellco Partnership and Verizon Wireless Capital are stable.

The issuer default ratings of Cellco Partnership and Verizon Wireless Capital are supported by Verizon's continued strong growth of revenue, EBITDA and free cash flow as well as its strong competitive position among the four national operators, the agency said.

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