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S&P rates Qwest notes BBB-
S&P said it assigned a BBB- rating and 1 recovery rating to Qwest Corp.'s proposed senior notes due 2056.
The 1 recovery rating indicates 90% to 100% expected default recovery.
The proceeds will be used to redeem all or a portion of its $661 million outstanding senior notes due 2051, S&P said.
The company also will use any incremental proceeds to refinance existing debt at Qwest, the agency said.
Parent company CenturyLink Inc.’s BB corporate credit rating and stable outlook are unchanged as the debt issue does not affect its credit metrics, S&P said.
The agency said it forecasts the company’s adjusted debt-to-EBITDA ratio will be in the high-3x range over the next few years.
Moreover, the ratings on existing debt at CenturyLink and its related subsidiaries, including Qwest, likewise remain unchanged since this transaction does not alter assumptions for the amount of debt at Qwest or any other entity within the CenturyLink capital structure, S&P added.
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