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Prospect News home > News index > List of issuers Q > Headlines for Qwest Corp. > News item |
Fitch rates Qwest notes BBB-
Fitch Ratings said it assigned a BBB- rating to Qwest Corp.'s proposed offering of senior unsecured notes due 2053.
Proceeds are expected to be used to partially repay $750 million of senior unsecured notes maturing on June 15, 2013.
Qwest is an indirect wholly owned subsidiary of CenturyLink, Inc. Both issuer default ratings are BB+.
The outlook is stable.
Fitch's said its ratings are based on the expectation that CenturyLink will demonstrate steady improvement in its revenue profile over the next couple of years; consolidated free cash flows are expected to strengthen with a reduction in the dividend and liquidity is expected to remain relatively strong; CenturyLink's execution risks related to the integration of Qwest Communications International, Inc. and Savvis, Inc. are nearly behind the company; and Qwest's issue ratings are based on the relatively lower leverage of Qwest and its debt issues' senior position in the capital structure relative to CenturyLink.
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