Ratings assigned as of the date noted above by the three major credit rating agencies, Moody's, Standard and Poor's and Fitch, on the outstanding notes and debentures of Verizon Communications and of the Operating Telephone Companies.

In May 2009, Standard and Poor's affirmed Verizon Communication’s 'A' corporate credit and 'A-1' short-term ratings with negative outlook and S&P placed the ratings of Verizon North and West Virginia on watch negative in consideration of the divestiture announcement. In January 2009, S&P affirmed the 'A' corporate credit and 'A-1' short-term ratings on Verizon Wireless.

In October 2009, Moody's affirmed Verizon Communication’s 'A3' long-term debt and “P-2” short-term ratings and changed the outlook to stable. The affirmation included the ratings of Verizon Wireless (‘A2’) and most wireline subsidiaries. In May 2009, Moody's placed the ratings of Verizon North, Northwest and West Virginia on review for possible downgrade in consideration of the divestiture announcement. In November 2008, Moody's initiated a Verizon Wireless long-term debt rating at 'A2'.

In May 2009, Fitch affirmed Verizon Communication's IDR at 'A' and placed Verizon North, North West and West Virginia on watch negative in consideration of the divestiture announcement. In November 2008, Fitch downgraded the long-term debt rating of Verizon Communications and subsidiaries to 'A' from 'A+' and changed the outlook to 'stable'. In the same month, Fitch initiated a Verizon Wireless long-term debt rating at 'A' and outlook 'stable'.