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Fitch assigns Qwest notes BBB-
Fitch Ratings said it assigned a BBB- rating to Qwest Corp.’s proposed offering of senior unsecured notes due 2054.
Qwest is an indirect wholly owned subsidiary of CenturyLink, Inc.
Net proceeds from the offering, combined with cash or borrowings from CenturyLink or one of its affiliates, will be used to repay Qwest’s $600 million 7.5% notes maturing Oct. 1, 2014. Qwest’s and CenturyLink's issuer default rating is BB+.
The outlook is stable.
In connection with the refinancing, Qwest plans to borrow $100 million from unaffiliated lenders. Because the net proceeds from the loan will not be available until after Oct. 1, 2014, Qwest will use those proceeds to increase its available cash or repay inter-company loans.
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