Fitch Ratings says the new composition of the FCC could have a major impact on key telecom policies -- the FCC has its first Republican majority since March of 2005, thanks to the confirmation of commissioner Robert M. McDowell on May 26th.

"Fitch believes this is a significant development because it will allow the FCC to move forward on some policy decisions that may have been split on Political Party lines," the firm states.

The reworking of the Universal Service Fund (USF) program, Fitch says, is now likely to help established wireline carriers and hurt wireless providers, suggesting that "wireless operators could see a reduction in support."

Fitch's press release is here.