S&P gives Qwest notes BB

Standard & Poor's said it assigned its BB rating to Qwest Corp.'s proposed $500

million notes due in 2014 to be issued as a 144A with registration rights.

The agency said that proceeds will be used for general corporate purposes, including repayment of floating-rate indebtedness and funding and refinancing investments in telecommunications assets.

At the same time, the agency said it affirmed its BB rating on Qwest's existing debt and BB- corporate credit rating on both Qwest and parent Qwest Communications International Inc.

The outlook is positive.

S&P said that the ratings on Qwest reflect the company's weak overall business position and aggressive financial profile.

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