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Rating Action:

MOODY'S PLACES LONG-TERM DEBT RATINGS OF VERIZON, VERIZON WIRELESS AND VERIZON'S DOMESTIC TELEPHONE SUBSIDIARIES ON REVIEW FOR POSSIBLE DOWNGRADE; CONFIRMS PRIME-1 COMMERCIAL PAPER RATINGS OF FINANCING AFFILIATES

31 May 2002
MOODY'S PLACES LONG-TERM DEBT RATINGS OF VERIZON, VERIZON WIRELESS AND VERIZON'S DOMESTIC TELEPHONE SUBSIDIARIES ON REVIEW FOR POSSIBLE DOWNGRADE; CONFIRMS PRIME-1 COMMERCIAL PAPER RATINGS OF FINANCING AFFILIATES

Approximately $52.0 Billion of Debt Securities Affected.

New York, May 31, 2002 -- Moody's Investors Service placed the long-term debt ratings of Verizon Comunications and all subsidiaries, including Verizon Wireless, under review for possible downgrade (see list below). The Prime-1 short-term debt ratings of Verizon Global Funding and Verizon Network Funding are not on review for downgrade and are confirmed.

Moody's review is prompted by concerns about: 1) the impact of expanding competition and technology substitution (e.g. instant messaging, e-mail) on the industry and specifically on the company's operations, as evidenced by flat revenue performance in its local business and slowing growth in its wireless operations, and 2) the sustainability of cash flow growth, net of substantial capital expenditures, debt service, and dividends, relative to the company's large debt load.

The review will focus on: 1) the ability of Verizon's wireline operations to offset increasing competitive challenges from IXCs, wireless providers, technology substitution, cable companies, and CLECs with product expansion , cost reduction and/or reduced investment needs; and 2) the ability of Verizon Wireless to sustain margins and grow cash flows in the face of an extremely competitive landscape for providing national wireless voice and data services.

In addition, the review will also focus on the following financial concerns: 1) the company's continuing efforts to improve its liquidity profile; and 2) the potential impact on Verizon's balance sheet and financial flexibility from a) further funding of Genuity and/or its recapture; b) the exercise by Vodafone of its $20.0B put to either Verizon or Verizon Wireless; and c) a ruling requiring Verizon Wireless to purchase and pay the $8.8B that it bid in the Nextwave re-auction. Moody's will also assess the ability of the company to offset the potential impact of these events on debt and make significant progress towards its stated objective of reducing total debt and the short-term debt component .

Verizon Communications provides domestic and international wireline and wireless communications services and is headquartered in New York, NY.

Verizon Global Funding Corp.

Issuer Rating, A1

Senior Unsecured, A1

Bkd Commercial Paper, P-1

Verizon Network Funding Corporation

Commercial Paper, P-1

Verizon Wireless Capital LLC

Senior Unsecured, A2

NYNEX Corporation

Long-Term Debt, A2

GTE Corporation

Long-Term Debt, A2

Verizon Corp. Savings Plan Trust

Guaranteed ESOP notes, A2

Verizon Capital Corporation

Medium-term notes, A2

Verizon New Zealand Holdings, Inc.

Preferred stock, A3

Prefco IX Limited Partnership

Secured notes, A1

Verizon New Jersey, Inc.

Debentures, Aa2, shelf registration of debt securities, (P)Aa2

Verizon Pennsylvania, Inc.

Debentures, Aa2; shelf registration of debt securities, (P)Aa2

Verizon West Virginia, Inc.

Debentures, Aa2; shelf registration of debt securities, (P)Aa2

Verizon Maryland, Inc.

Debentures, Aa2; shelf registration of debt securities, (P)Aa2

Verizon Washington, D.C., Inc.

Debentures, Aa2; shelf registration of debt securities, (P)Aa2

Verizon Virginia, Inc.

Debentures and notes, Aa2; shelf registration of debt securities, (P)Aa2

Verizon Delaware, Inc.

Debentures, Aa2

Verizon New England, Inc.

Notes, debentures, and MOPPRS, Aa2; shelf registration of debt securities, (P)Aa2

Verizon North, Inc.

First mortgage bonds, Aa2; debentures, Aa3 ; shelf registration of debt

securities, (P)Aa3 ; Telephone Facility Lease Bonds, Aa3.

Verizon Northwest, Inc.

Debentures, Aa3; shelf registration of debt securities, (P)Aa3

Verizon California, Inc.

Debentures, Aa3

Verizon Hawaiian Telephone Company, Inc.

First mortgage bonds, A2; debentures, A3.

GTE Southwest, Incorporated

First mortgage bonds, Aa2; notes and debentures, Aa3; shelf registration of debt securities, (P)Aa3

Verizon South, Inc.

Debentures, Aa3

Verizon Florida, Inc.

Debentures, Aa3; shelf registration of debt securities, (P)Aa3

Verizon New York, Inc.

First mortgage bonds, Aa3; notes and debentures, A1; shelf registration of debt securities, (P)A1

New York
Dennis Saputo
Senior Vice President
Corporate Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Konefal
Managing Director
Corporate Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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