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Fitch Upgrades Level 3 Ratings

This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-09-02

CHICAGO (AP) -- Fitch Ratings on Friday upgraded its non-investment grade credit ratings for Level 3 Communications Inc. and its Level 3 Financing Inc. unit two notches due to optimism over recent acquisitions.

The agency lifted the company's issuer default ratings to "B-" from "CCC" and changed its outlook to stable from positive.

Fitch said Level 3 has made seven significant acquisitions since the end of 2005, with each of the deals containing little or no outstanding debt. The transactions have helped to diversify the company's revenue and client base as well as strengthen its position among competitors, the agency added.

Shares of Level 3 Communications, which sells wholesale broadband and dial-up Internet services, shed 3 cents to $4.95 in midday trading.

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