Verizon says $28.1B buyout of Alltel on track

Verizon Wireless says it is moving forward with plans to acquire Alltel Corp. for $28.1 billion, although the country's financial climate has worsened since the companies reached an agreement four months ago. Verizon maintains that the deal, which would make it the largest wireless carrier in the United States, is still on track to close by year's end. But a major ratings firm that evaluates companies' financial strength for world credit markets is not so sure. "Considering the size of this deal, it would be surprising that Verizon would enter something with such significant risk that it really threatens to preclude this deal from closing," said Bill Densmore of New York-based Fitch Ratings.