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Verizon Protests Drop In Its Credit Rating

Posted by inet - 2005-12-26

Verizon Communications took issue Thursday with Moody’s Investors Service for downgrading the telecommunications firm’s credit rating, maintaining that Moody’s analysis and assumptions don’t reflect the firm’s credit metrics.

“We believe our credit metrics are strong both on an absolute basis and relative to our peers,” said Doreen Toben, Verizon Communications’ CFO, in a statement.“And we believe our credit metrics do nothing but improve over the planning period that includes the anticipated close of the MCI transaction and any integration costs.”

Under pressure from cable companies offering telephone service, Verizon is responding by rolling out fiber-to-the-premises (FTTP) technology that can deliver television and other features to consumers.

Moody’s said it worries about Verizon’s slow rollout of its FiOS fiber optics deployment. “Moody’s projects it will (be) about 10 years to pass approximately 30 million households, which increases the risk of losing residential telephony share to cable companies,” Moody’s stated.

Moody’s has indicated it is considering raising the credit rating of Verizon Wireless due to its expanding profitability. Verizon Wireless is owned jointly by Verizon Communications and Vodafone.

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