Vodafone debt rating upgraded

Following Monday’s groundbreaking $130bn (£84bn) sale between Vodafone and Verizon, Vodafone had its debt rating upgraded to stable yesterday, removing the risk that it could be downgraded in coming months.

Standard and Poor said that it estimates Vodafone will reduce its total debts by £14bn using the proceeds from the sale to Verizon of the company’s 45 per cent stake in joint US venture Verizon Wireless.