S&P rates Verizon notes A

Standard & Poor's said it assigned an A rating to Verizon Communications Inc.'s proposed $3 billion in notes, with maturities between 2018 and 2039. The A corporate credit rating was affirmed.

The outlook is negative.

Proceeds will be used for general corporate purposes, including repayment of commercial paper.

Ratings reflect the company's wireless segment's rapid growth and strong business position and cash generation, sizable local exchange operations capable of producing substantial free cash flow and modest financial risk profile, the agency said.

Adjusted pro forma leverage at the close of the acquisition rises to mid-2x from about 2x at Sept. 30, the agency said.

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