S&P cuts Vodafone, preferreds

Standard & Poor's said it lowered the corporate credit rating on Vodafone Americas Inc. to BBB+ with a stable outlook from A-, removed it from CreditWatch and subsequently withdrew it.

At the same time, the agency lowered the rating on Vodafone Americas' preferred stock to BBB- from BBB and removed it from CreditWatch.

The ratings were placed on CreditWatch with negative implications on Sept. 10.

In addition, S&P withdrew the BBB+ corporate credit rating and A-2 short term rating on Cellco Partnership (d/b/a Verizon Wireless).

"The rating actions reflect Verizon Communications' completion of its buyout of Vodafone Group plc's 45% stake in Verizon Wireless, which included Vodafone Americas and its preferred stock," S&P credit analyst Catherine Cosentino said in a news release.

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