Fitch: Verizon unchanged

Fitch Ratings said Verizon Wireless' plans to pay a $10 billion distribution to its parents Verizon Communications Inc. and Vodafone Group plc in January 2012 will not have an impact on the credit profile of Verizon or Verizon Wireless.

The distribution will be in proportion to Verizon and Vodafone's ownership interest in the Verizon Wireless partnership of 55% and 45%, respectively, the agency said. The distribution does not include expected tax distributions to the partners that may occur in 2012.

Verizon has indicated that the distribution is one-time in nature, and that a future distribution will not be considered until the second half of 2012, the agency added.

Verizon has an A long-term issuer default rating, A senior debt rating, F1 short-term issuer default rating and F1 commercial paper rating. The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.