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Fitch Upgrades Qwest's Ratings; Assigns Stable Outlook

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^{Published in Science and Technology on Friday, April 1st 2011 at 17:25 GMT by Market Wire}  

CHICAGO--([ BUSINESS WIRE ])--Fitch Ratings has upgraded the Issuer Default Rating (IDR) of Qwest Communications International, Inc. (Qwest) to 'BBB-' from 'BB'. Fitch has also removed Qwest's ratings from Rating Watch Positive and assigned a Stable Rating Outlook. A full list of rating actions is shown below.

The actions reflect Fitch's review of Qwest's ratings following the placement on Rating Watch Positive on April 22, 2010 upon the announcement of CenturyLink, Inc.'s (CenturyLink) (NYSE: CTL) and Qwest's agreement to merge in an all-stock transaction. The transaction closed on April 1, 2011.

On March 22, 2011, Fitch affirmed the IDR of CenturyLink at 'BBB-', removed the company's ratings from Rating Watch Negative and assigned a Stable Outlook. For the rating rationale, see 'Fitch Affirms CenturyLink's Ratings; Assigns Stable Outlook', March 22, 2011'.

Fitch has upgraded, removed from Rating Watch Positive, and assigned a Stable Outlook to the following ratings:

Qwest Communications International, Inc.

--IDR to 'BBB-' from 'BB';

--Senior Unsecured Notes (guaranteed by QSC) to 'BBB-' from 'BB+'.

Qwest Corporation

--IDR to 'BBB-' from 'BB'.

Qwest Services Corporation (QSC)

--IDR to 'BBB-' from 'BB'.

Qwest Capital Funding

--IDR to 'BBB-' from 'BB';

--Senior unsecured notes to 'BBB-' from 'BB'.

Fitch affirms the following ratings with a Stable Outlook:

Qwest Corporation

--Senior unsecured notes at 'BBB-'.

Fitch has withdrawn the following ratings as the facility was terminated upon the merger:

Qwest Communications International, Inc.

--Senior Secured Credit Facility at 'BBB-'.

Additional information is available at '[ www.fitchratings.com ]'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (Aug. 16, 2010);

--'Rating Global Telecoms Companies' (Sept. 16, 2010).

Applicable Criteria and Related Research:

Corporate Rating Methodology

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646 ]

Rating Global Telecoms Companies - Sector Credit Factors

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=550205 ]

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