Moody’s gives Level 3 Financing loan Ba1

Moody's Investors Service said it assigned a Ba1 rating to Level 3 Financing, Inc.'s new $2.6 billion secured term loan B.

Level 3 Financing is a wholly owned subsidiary of Level 3 Communications, Inc. (Level 3), a publicly traded holding company that guarantees Level 3 Financing's notes and, as the senior most company at which the agency maintains ratings, is the entity at which it maintains corporate level ratings.

The new loan has no ratings implications as it refinances existing facilities of the same aggregate amount (Level 3 Financing's existing $815 million term loan B due 2019 and $1,796,000,000 term loan B due 2020).

Level 3 Communications’ and Level 3 Financing's other ratings and stable outlook remain unchanged.

Ratings for instruments that will be refinanced will be withdrawn in due course (refer to Moody's policies relating to ratings withdrawals).

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