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Fitch ups Qwest Communications
Fitch Ratings said it upgraded the ratings assigned to Qwest Communications International Inc.'s senior unsecured debt to B from CCC+, its notes due 2009, 2011 and 2014 to B+ from CCC+ and Qwest Communications Corp.'s senior unsecured debt to B from CCC+.
Fitch also assigned Qwest Communications Corp.'s subordinated secured notes a B+ rating and its $750 million senior secured revolving credit facility at BB-.
The outlook has been revised to stable from negative.
Overall, Fitch said its ratings reflect the strong cash flows generated and market position of Qwest Communications' local exchange business, reduced debt levels, and improved liquidity position. The ratings draw support from the asset value, debt coverage, and cash flow generated by the company's 16 million access lines.
Fitch expects the leverage metric will remain relatively flat from the 4.9x reported for the first quarter.
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