DBRS Rates Cellco Partnership/Verizon Wireless Capital LLC’s $4.25b Notes Issue “A”, Stable trend

DBRS has today assigned a rating of “A” with a Stable trend to Cellco Partnership/Verizon Wireless Capital LLC’s (Verizon Wireless Capital LLC is a wholly-owned subsidiary of Cellco Partnership, which does business as Verizon Wireless) $4.25 billion aggregate Senior Unsecured Notes issue.

The issue is in two tranches that consist of: (a) $750 million 5.25% notes that mature in February 2012; and (b) $3.5 billion 5.55% notes that mature in February 2014.

DBRS expects Verizon Wireless to use the proceeds from this issue to help refinance a portion of its bridge facility that was used to partly finance its acquisition of ALLTEL Corporation (ALLTEL). Verizon Wireless’s $28 billion cash merger of ALLTEL, which was announced on June 5, 2008, closed on January 9, 2009.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Wireless, which can be found on our website under Methodologies.

This is a Corporate rating.