DENVER - June 11, 1998 - Qwest today announced Moody?s Investors Service and Standard & Poor?s have upgraded their ratings of Qwest Communications International Inc. Moody?s raised its Qwest rating to Ba1 from B2, an increase of four categories, with a stable outlook. Standard & Poor?s raised its Qwest rating to BB+ from B+, an increase of three categories, and assigned a positive outlook to the rating. The ratings follow the consummation of the merger between Qwest and LCI on June 5, 1998, creating one of the fastest growing companies in the industry.
?We are obviously very happy with these significant upgrades and the positive outlook,? said Robert Woodruff, executive vice president and CFO of Qwest. ?The ratings reflect the powerful combination of Qwest?s network asset and leadership position in the exploding multimedia market with LCI?s cashflow, established customer base and operational infrastructure. We also feel there is an element of ?wait and see? in the ratings, and as we complete the network, complete the integration of the companies and execute our business plan, we are confident our credit worthiness will continue to improve.?
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by Qwest with the SEC, specifically the most recent reports on Form 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including potential fluctuations in quarterly results, dependence on new product development, rapid technological and market change, failure to complete the network on schedule, volatility of stock price, financial risk management and future growth subject to risks.
The Qwest logo is a registered trademark of Qwest Communications International Inc. in the U.S. and certain other countries.
|Qwest Media Contact