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S&P assigns Qwest Communications loan BB
Standard & Poor's said it assigned its issue and recovery ratings to Qwest Communications International Inc.'s (BB/negative) new $1.035 billion revolving credit facility.
The issue-level rating is BB, same as the corporate credit rating on the company, with a recovery rating of 3, the agency said.
S&P added that the new revolver replaces the company's $945 million revolver due October 2010.
The revolver is secured by a first-lien on the stock of subsidiary Qwest Corp., with no upstream guarantee from Qwest Corp. and is, therefore, structurally junior to the debt at Qwest Corp., the agency said.
The corporate credit rating remains unchanged at BB.
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