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S&P rates Qwest notes BBB-
Standard & Poor's said it assigned a BBB- rating and 1 recovery rating to Qwest Corp.'s proposed senior notes due 2052.
The 1 recovery rating indicates 90% to 100% expected recovery in a default.
The proceeds, along with cash on the balance sheet and borrowings from the revolving credit facility of parent company CenturyLink Inc., will be used to redeem $484 million of senior notes due 2023 at Qwest Corp., the agency said.
The ratings reflect the company's fair business risk profile and significant financial risk assessment, S&P said.
Key business risk factors include an expectation that revenues will continue to decline because of competition in its core consumer phone business, the agency said.
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