Briefs: S&P rates Qwest notes at B

Nov 02, 2005

Standard & Poor's said Wednesday it has assigned Qwest Communications International's convertible notes due 2025 a B rating.

The credit-rating agency said the $1 billion worth of notes from the phone carrier is "notched two below the corporate credit rating, reflecting the fact that there are substantial priority obligations relative to this issue."

"The ratings reflect the company's weak overall business position and aggressive financial profile," credit analyst Catherine Cosentino said in a news release.

The company added that "while the company is the dominant local telephone exchange carrier in its 14-state market, representing some 15 million access lines, its satisfactory business position in its local markets is somewhat offset by its ongoing presence in the long-haul communications business. The long-haul business is viewed as having a vulnerable business risk profile, after suffering from significant pricing pressures over the past few years because of very aggressive competition, as well as larger business customers' migration to new (Internet protocol) technologies from traditional circuit-switched services."

Copyright 2005 by United Press International

Explore further: Supercomputer for astronomy 'ATERUI' upgraded to double its speed

add to favorites email to friend print save as pdf

Related Stories

S&P gives Twitter debt 'junk' rating (Update)

Nov 13, 2014

Standard & Poor's gave Twitter's recent $1.8 billion debt issue a "speculative" rating of BB- on Thursday, weighing the company's push for acquisitions against likely slow growth in earnings.

Coming up for air

Oct 29, 2014

Sometimes you've got to hit bottom to battle your way back up. In 1992, the United Nations cited Mexico City as having the worst air quality in the world, with so much pollution that birds sometimes dropped ...

Microsoft event to talk about fresh-start Windows 9

Sep 26, 2014

Microsoft is about to introduce Windows 9 next week at an event, ahead of its widespread release in 2015. The project for the next Windows operating system has been given the internal code name as Threshold.

IBM 3Q disappoints as it sheds 'empty calories'

Oct 20, 2014

IBM disappointed investors Monday, reporting weak revenue growth again and a big charge to shed its costly chipmaking division as the tech giant tries to steer its business toward cloud computing and social-mobile ...

Recommended for you

Toyota finds new air bag issue, recalls more cars

2 hours ago

Toyota Motor Corp. recalled more than 40,000 vehicles in Japan on Thursday as part of a worldwide scare over defective air bags and is investigating a new type of air bag problem that could lead to further recalls.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.