S&P; Cuts Qwest Credit Ratings to Junk Status
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Qwest Communications International Inc.’s credit ratings were cut to junk status by Standard & Poor’s, which said the No. 4 U.S. local phone company may have trouble fending off competition in a weak economy.
Denver-based Qwest is trying to avoid a cash crunch by selling more than $10 billion of assets, including its phone book business.
S&P; cut Qwest’s long-term credit rating one notch to BB-plus, its highest junk grade, from BBB-minus, and its short-term rating to B from A-3. It warned that it may cut the ratings again.
Qwest had $26.5 billion in debt as of March 31, S&P; said.
Shares of Qwest closed unchanged at $5.03 on the New York Stock Exchange.
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