Qwest Corporation -- Moody's downgrades CenturyLink's CFR to Ba2; outlook stable

New York, March 15, 2016 -- Moody's Investors Service ("Moody's") has downgraded CenturyLink, Inc.'s ("CenturyLink" or "the company") Corporate Family Rating ("CFR") to Ba2 from Ba1 and downgraded its senior unsecured debt rating to Ba3 from Ba2. The senior unsecured ratings of Qwest Corporation and Embarq Corporation were downgraded to Ba1 from Baa3 while the ratings of all other subsidiaries were also downgraded by one notch. As part of the rating action, Moody's lowered the Speculative Grade Liquidity rating to SGL-3 from SGL-2 reflecting adequate liquidity amidst a sizable $1.18 billion of Embarq Corp notes maturing in June 2016, which the company expects to address with a combination of new debt issued at the CenturyLink parent level and utilizing its $2 billion credit facility. The outlook for all ratings is stable.

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