Let's discuss the below passage Brigham & Houston (2022) state that corporate bonds are often used to measure default risk. "The higher the bond's rating, the lower its default risk and, consequently, the lower its interest rate" (Brigham & Houston, 2022, 63-D). Bond ratings are determined by quantitative and qualitative data, which include financial ratios, indentures, a firm's earnings, labor, and international operations. Verizon Communications launched a huge corporate debt sale in 2014, $49 billion worth of bonds were used to payout Vodafone Group, which was a 45% stake in the company (this was terrible timing) (Ventura, 2023). More money was borrowed to fine off rivals and invest in upcoming technological changes. These large payouts have resulted in the company having a large amount of long-term debt. This company will need to stay competitive and up-to-date with its aggressive spending if it wants to stay profitable (Ventura, 2023). Verizon Communications has a long-term debt of $151 billion and an annual revenue of $104 billion. 

Their debt ratings are Baa1 for Moody's, BBB+ for S&P, and A- for Fitch (Ventura, 2023). Multiple acquisitions built this company, making it one of the largest telecommunication businesses in the world. This is a highly competitive industry and Verizon is one of the largest providers. Verizon is known for having reliable internet, being early adopters of 5G Technology, and for offering a broad range of services (Poland, 2023). Verizon's stock price has been very low for years, but the company is continuing to grow. The author of this article seems to think that Verizon will continue to be a large, reliable business for years to come. Poland (2023) mentions that this company is a capital-intensive business and mentions how their massive debt isn't a big deal for a huge company like Verizon. Cash flows and wise investments can help Verizon with its debt problem, and with the nature of the company, I too think it will be a competitive business for many years. The high debt might discourage investors, but the ratings from Moody, S&P, and Fitch show stable ratings. This might encourage more people to invest in this highly competitive industry, especially if Verizon starts paying off its debt. 

Question: Can you identify a company that has an extremely low bond rating (C or lower)? Why is their rating so low?