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Fitch Withdraws Rating on Terminated CenturyLink Offering

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the 'BBB-' rating assigned to CenturyLink, Inc.'s (CenturyLink) Oct. 1, 2012 proposed offering of 10- and 30-year senior unsecured notes. Fitch currently rates CenturyLink's Issuer Default Rating (IDR) 'BBB-'. The Rating Outlook is Stable.

CenturyLink withdrew the proposed offering late in the day on Oct. 1, 2012 due to market conditions. As a result of the rescinding of the offering, CenturyLink will no longer proceed with the tender offer for Qwest Corporation International Inc.'s (QCII) $800 million of outstanding 7.125% senior unsecured notes due 2018. The company is expected to proceed with the redemption of QCII's $550 million of outstanding 8% senior unsecured notes due 2015. The redemption will be funded by CenturyLink's revolving credit facility, which as of June 30, 2012, had $1.75 billion available out of a total capacity of $2 billion.

In Fitch's view, the termination of the offering and tender offer associated with the QCII issue due in 2018 does not have any rating implications.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Corporate Rating Methodology' (Aug. 8, 2012);
--'Rating Global Telecoms Companies' (Aug. 9, 2012).

Applicable Criteria and Related Research:
Corporate Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460
Rating Telecom Companies
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682323

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Fitch Ratings
Primary Analyst:
John Culver, CFA, +1-312-368-3216
Senior Director
Fitch, Inc.
70 W. Madison Street,
Chicago, IL 60602
or
Secondary Analyst:
David Peterson, +1-312-368-3177
Senior Director
or
Committee Chairperson:
Michael Weaver, +1-312-368-3156
Managing Director
or
Media Relations:
Brian Bertsch, +1-212-908-0549
brian.bertsch@fitchratings.com

Source: Fitch Ratings