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Level 3 Communications

Probability of Default Rating: Caa1
Total Rated Debt Outstanding: $1.867 billion
Outlook: Rating Under Review

Level 3 Communications offered this statement:
"As we’ve said previously, Moody’s has it wrong in its analysis and understanding of our strong financial position, our core business and our unique growth opportunities. While we disagree with today’s action by Moody’s, we do agree with their prior statements about our solid liquidity position, our ability to repay debt due in 2009 and 2010 with cash on hand and our 'fundamentally appealing business plan.'"