Vodafone Acquisition Binge Heightens Debt-Burden Concern

Debt anxieties are stalking Vodafone Group Plc (VOD) as the company sets about constructing a European fixed-line network after the $130 billion sale of its Verizon Wireless stake. Vodafone is seeking to become an integrated operator, offering mobile and fixed-line communication services across its core markets. Moody’s Investors Service said this week Vodafone could lose its A3 rating -- the fourth-lowest investment grade -- in the absence of action to cut leverage. Standard & Poor’s and Fitch Ratings, which also rank Vodafone four levels from junk, issued similar warnings in March.