Fitch rates Qwest notes BBB-

Fitch Ratings said it assigned a BBB- rating to Qwest Corp.’s offering of senior unsecured notes due 2055.

The company is an indirect wholly owned subsidiary of CenturyLink, Inc.

The proceeds will be used to call the company’s $250 million 7.2% notes due 2026 with any remaining proceeds used to repay a portion of its $1 billion 6 7/8% notes due 2033.

Qwest and CenturyLink have BB+ issuer default ratings and stable outlooks.

The ratings are based on an expectation that CenturyLink will demonstrate steady improvement in its revenue profile beginning in 2016, given the expected decline of less than 1% in 2015, Fitch said.

Liquidity also is expected to remain relatively strong over the rating horizon, the agency said.

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