...Verizon Communications Inc. (Verizon) (Baa1 stable) benefits from a resilient business model, attractive profitability and leading market position as a provider of wireless communications services in the US. Measured by the total numbers of postpaid wireless subscribers and wireless service revenue, Verizon accounts for around 40% of the US wireless market, with AT&T Inc. (Baa2 stable) and T-Mobile USA, Inc. (Baa2 stable) accounting for the majority of the rest. After finishing 2023 with good operating momentum in wireless, we expect Verizon to maintain its market leadership, remain focused on execution, and maintain a disciplined approach between growth and profitability. As a result, for this year we project Verizon will grow total revenue by 1.5%, increase EBITDA by 3.5%, generate around $7.7 billion in free cash flow, and achieve a slightly lower financial leverage with total debt-to-EBITDA at 3.2x (inclusive of Moody's Adjustments) by year-end 2024 (see Exhibit 1). At the same time...