Fitch rates Qwest notes BBB-

Fitch Ratings said it assigned a BBB- rating to Qwest Corp.'s proposed offering of 40-year senior unsecured notes.

Qwest is an indirect wholly owned subsidiary of CenturyLink, Inc., which has an issuer default rating of BBB-.

The outlook is stable.

The proceeds, along with available cash or additional borrowings under CenturyLink's credit facilities, will be used to fund tender offers for an aggregate purchase price of up to $500 million of notes due in 2015 and 2016, Fitch said.

The ratings are based on expectations that CenturyLink's consolidated revenue profile will demonstrate a very gradual improvement in its revenue profile over the next several years, the agency said, along with its solid leverage for the rating category, strong free cash flows and strong liquidity.

Fitch said it expects CenturyLink's revenue to stabilize in 2013 through 2014.

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