Verizon yesterday sold $1.5 billion of bonds with maturities as long as 30 years. Credit-rating companies [said] the company relied too much on short-term debt. ... The company is borrowing to reduce $12.8 billion in debt maturing in nine months or less.

Who in the world is buying these notes? What are the investors thinking? Well, it's good news for Verizon, anyway.

Verizon Shifts Debt to Longer Terms