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Level 3 Communications 'B-' Rating Affirmed; Outlook Positive; Subsidiary 'CCC' Issue Ratings Still Watch Positive Jul 11 Product Image

Level 3 Communications 'B-' Rating Affirmed; Outlook Positive; Subsidiary 'CCC' Issue Ratings Still Watch Positive Jul 11

  • ID: 2039333
  • July 2011
  • Standard & Poors

FEATURED COMPANIES

  • Level 3 Escrow II Inc.
  • Level 3 Financing Inc.
  • MORE

Abstract
We are affirming our 'B-' corporate credit rating and certain issue-level ratings on U.S. communications company Level 3 Communications Inc. and subsidiaries and removing these ratings from CreditWatch. The 'CCC' issue-level ratings on unsecured debt at subsidiaries Level 3 Financing Inc. and Level 3 Escrow Inc. remain on CreditWatch with positive implications based on the potential for improved recovery prospects from the pending acquisition of Global Crossing Ltd. In our view, while the Global Crossing transaction will improve Level 3 Communications Inc.'s overall financial risk profile, the magnitude--and timing--of this improvement will not be sufficient to warrant an upgrade of the company when the transaction closes later this year. Our ratings outlook on Level 3 Communications Inc. is now positive,...

Companies mentioned in this report are:
- Level 3 Communications Inc.
- Level 3 Financing Inc.
- Level 3 Escrow II Inc.

Action: Affirmed
Action: Outlook: Positive
Action: Removed From CreditWatch

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance READ MORE >

- Level 3 Communications Inc.
- Level 3 Financing Inc.
- Level 3 Escrow II Inc.

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