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Level 3 Communications 'B-' Rating Affirmed; Outlook Positive; Subsidiary 'CCC' Issue Ratings Still Watch Positive Jul 11
Standard & Poors, July 2011
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 Inc.
Action: Outlook: Positive
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Level 3 Communications Inc.,Level 3 Financing Inc.,Level 3 Escrow Inc.