Fitch cuts Qwest unsecured debt

Fitch Ratings said it lowered Qwest Corp.’s senior unsecured debt to BB/RR4 from BB+/RR2. The agency also revised the recovery ratings on Lumen Technologies, Inc.’s senior secured credit facility and notes recovery rating to RR2 from RR1, Level 3 Financing, Inc.'s senior unsecured notes’ recovery rating to RR4 from RR2 and Embarq Corp.'s recovery rating was revised to RR4 from RR3. Fitch removed the entities from under criteria observation.

The agency based its actions on its revised "Corporates Recovery Ratings and Instrument Ratings Criteria," dated April 9.

Fitch also affirmed the BB issuer ratings for Lumen and its subsidiaries (except for Embarq). The agency put Embarq’s BB issuer and issue ratings on rating watch negative because Lumen agreed to sell to affiliates of Apollo Global Management, Inc. certain local exchange assets including Embarq. The purchaser will assume Embarq's debt. Lumen will retain Embarq Florida and certain other Embarq assets.

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