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Fitch assigns Qwest notes BB+
Fitch Ratings said it has assigned a BB+ rating to Qwest Communications International, Inc.'s proposed $300 million issuance of senior unsecured notes due 2015.
The new notes will be guaranteed by wholly owned subsidiaries Qwest Services Corp. and Qwest Capital Funding, Inc. on a senior unsecured basis, the agency said.
The notes will rank pari passu with Qwest's existing senior unsecured notes due February 2011 and 2014, and will be governed by the same indenture, dated Feb. 5, 2004, as the existing senior unsecured notes issued by Qwest, Fitch noted.
The proceeds from the issuance are expected to be used for general corporate purposes, including refinancing existing indebtedness, according to the agency.
Qwest and its wholly owned subsidiaries have an issuer default rating of BB, the agency said, noting that, overall, the ratings assigned to Qwest and its subsidiaries incorporate the scope, scale and relatively consistent cash flow generated by Qwest Corp.'s local exchange business, and the stable trends of Qwest's enterprise segment.
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