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S&P upgrades Level 3
Standard & Poor’s said it raised the corporate credit rating on Level 3 Communications to BB- from B+ and removed the rating from CreditWatch, where it was placed with positive implications in June.
The outlook is stable.
The agency also said it raised the rating on Level 3’s unsecured debt to B from B- and removed it from positive watch.
The agency also said it affirmed the B rating on the unsecured debt issued by Level 3’s subsidiary, Level 3 Escrow II Inc., which was issued to partly fund the TW Telecom acquisition.
The recovery ratings on all unsecured debt remain at 6, indicating 0 to 10% expected default recovery.
The upgrades reflect a view that the TW Telecom acquisition modestly improves Level 3’s business risk profile without having a material impact on financial metrics, S&P said.
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