Verizon's Sale of Verizon Media to Apollo Slightly Positive to Credit Profile [telecom]

Fitch Ratings-Chicago-03 May 2021: According to Fitch Ratings, the sale of Verizon Media to funds managed by Apollo Global Management, Inc. (Apollo Funds) will be slightly positive for Verizon's credit profile; Verizon's ratings are unaffected. Fitch estimates the pro forma impact of the transaction will be slightly delevering in terms of Fitch's forecast for 2021, which calls for estimated gross core telecom leverage of approximately 3.0x. Gross core telecom leverage includes adjustments for outstanding equipment installment plan receivables related to financial services operations (assessed using a debt/equity ratio of 5x).

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