Moody’s rates Level 3 loans, notes

Moody’s Ratings said it assigned Level 3 Financing, Inc.’s a B3 rating to new senior secured bank credit facilities and new backed first-lien senior secured notes and Caa2 rating to Level 3's new backed senior secured second lien notes. The agency also assigned parent Lumen Technologies, Inc.’s new first-out super-priority senior secured revolving credit facility a Caa2 rating and a Caa3 to its second-out super-priority revolving credit facility, and new senior secured term loan facilities and new senior secured notes ratings.

The new issuances are part of Lumen’s recent restructuring.

Moody's said it also downgraded the rating to Level 3's 3.4% and 3 7/8% backed senior unsecured notes, formerly secured, to Caa2 from B3, and the rating on Lumen's 4% senior unsecured notes, formerly secured, to Ca from Caa3.

“These downgrades were primarily due to diminished rights and collateral relative to their original obligations,” the agency said in a press release.

Concurrently, the agency said it affirmed Lumen's Caa2 corporate family rating and Caa2-PD probability of default rating. It also affirmed Level 3 Financing, Inc.'s B3 senior secured term loan and backed senior secured notes due 2030 and Level 3's Caa2 backed senior unsecured notes rating, Lumen's Caa3 backed senior secured bank credit facility due 2027 and Ca senior unsecured notes ratings, and Qwest Corp.'s Caa3 senior unsecured rating.

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