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Fitch: Qwest notes BBB-
Fitch Ratings said it assigned a BBB- rating to Qwest Corp.'s proposed offering of 40-year senior unsecured notes.
The company is an indirect wholly owned subsidiary of CenturyLink, Inc., which has an issuer default rating of BBB-.
The outlook is stable.
The proceeds from the offering, along with available cash or additional borrowings under CenturyLink's credit facilities, will be used to redeem all of Qwest's $484 million of outstanding 7.5% senior unsecured notes due 2023, as well as pay-related fees and expenses.
The ratings are based on the expectations that the company will demonstrate a very gradual improvement in its revenue profile over the next several years in combination with solid leverage for the rating category, strong free cash flows and strong liquidity, the agency said.
Fitch also said it expects CenturyLink's revenue to stabilize in 2013 to 2014.
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