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Moody’s Affirm Verizon At Baa1[S]

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Baa1/BBB+/A-
• Assuming a January close, pro forma Moody’s-adj total leverage post-acquisition is projected to rise to 3.2x by end FY26 from the previously projected 2.9x with a reduction <3x seen within 18 to 24 months after the close of the acquisition against upside/downside thresholds of sustainably below/above 2.5/3x.• Moody’s expect Verizon to refrain from share repurchases until it reaches its target of net unsecured debt-to-EBITDA of 2.25x

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Baa1/BBB+/A-
• Assuming a January close, pro forma Moody’s-adj total leverage post-acquisition is projected to rise to 3.2x by end FY26 from the previously projected 2.9x with a reduction <3x seen within 18 to 24 months after the close of the acquisition against upside/downside thresholds of sustainably below/above 2.5/3x.• Moody’s expect Verizon to refrain from share repurchases until it reaches its target of net unsecured debt-to-EBITDA of 2.25x