NEW YORK (AFX) - Credit ratings agency Moody's Investors Service on Friday lifted Level 3 Communications Inc.'s corporate family rating to 'Caa1' from 'Caa2.'
Moody's also assigned a 'Caa3' rating to the communications service provider's proposed $150 million convertible note issue, maturing in 2012. The agency upgraded the ratings of all the company's debt securities.
'Level 3 has opportunistically taken advantage of the rebounding telecommunications sector, both organically and via acquisitions,' Moody's said in a statement, adding that the 'Caa1' rating 'reflects the continuing high business risk for the long-haul carrier industry.'
Moody's outlook on the company is 'Stable.'
Level 3 closed down 13 cents at $5.02 on the Nasdaq and moved up 2 cents in after hours trading.
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