S&P ups Qwest debt

Standard & Poor's said it raised its issue rating on Qwest Corp.'s senior unsecured debt by one notch to BBB-, two notches above the BB corporate credit rating, from BB+.

The upgrade follows the introduction of the agency's new secured issue rating framework, which now incorporates recoveries in all secured issue-level ratings.

Qwest is a wholly owned subsidiary of Qwest Communications International Inc, the agency noted, adding that although the Qwest Corp. debt is unsecured, its issue rating has been raised because it is structurally senior to Qwest Communications International's $850 million secured revolving credit facility, whose rating was raised to BBB-, two notches above the corporate credit rating, from BB+, in line with the new methodology.

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