UBS Cuts Price Target on CenturyLink (CTL) Following 3Q and Announced Acquisition
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Fitch Places CenturyLink's 'BB+' IDR on Negative Watch on Proposed LVLT Acquisition
October 31, 2016 3:02 PM EDTCHICAGO--(BUSINESS WIRE)-- Fitch Ratings has placed the 'BB+' Long-Term Issuer Default Ratings (IDRs) of CenturyLink Inc. (CenturyLink) (NYSE: CTL) and its subsidiaries on Rating Watch Negative. The rating action affects approximately $19.9 billion of debt outstanding as of June 30, 2016.
Fitch has affirmed the Long-Term IDRs of Level 3 Communications, Inc. (LVLT) and its wholly owned subsidiary Level 3 Financing, Inc. (Level 3 Financing) at 'BB'. The Rating Outlook remains Stable. The rating action affects approximately $11 billion of debt outstanding as of June 30, 2016.
See the full list of rating actions at the end of this release.
... More
CenturyLink Files Letter with FCC Detailing Dangers of Proposed BDS Order
October 31, 2016 9:00 AM EDTWASHINGTON, Oct. 31, 2016 /PRNewswire/ --Â In a scathing review of the Federal Communications Commission's (FCC) latest proposal for new regulation of business data services (BDS), telecom provider CenturyLink says the proposal "suggests an intent to ignore" information in the record that demonstrates competition in the market.
In the new filing with the FCC, CenturyLink said the "record clearly establishes the presence of strong BDS competition" and the Commission "not only ignores this evidence, but declines to conduct any analysis of the BDS geographic market at all.
Despite the FCC's assurance to members of Congress in September... More
CenturyLink Reports Third Quarter 2016 Results
October 31, 2016 6:32 AM EDTMONROE, La., Oct. 31, 2016 /PRNewswire/ --Â CenturyLink, Inc. (NYSE: CTL) today reported results for third quarter 2016.
Consolidated Financial Results
Operating revenues for third quarter 2016 were $4.38 billion compared to $4.55 billion in third quarter 2015. A decline in high-cost support revenues related to the acceptance of Connect America Fund Phase 2 (CAF Phase 2) support payments during third quarter 2015, a substantial portion of which related to a one-time true-up for the first half of the year, along with a decline in legacy1,4 revenues, was partially offset by higher strategic revenues1,4 in third quarter... More
CENTURYLINK TO ACQUIRE LEVEL 3 COMMUNICATIONS
October 31, 2016 6:30 AM EDTMONROE, La. and BROOMFIELD, Colo., Oct, 31, 2016 /PRNewswire/ -- CenturyLink (NYSE: CTL) and Level 3 Communications, Inc. (NYSE: LVLT) today announced that their Boards of Directors have unanimously approved a definitive merger agreement under which CenturyLink will acquire Level 3 in a cash and stock transaction valued at approximately $34 billion, including the assumption of debt. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own, which implies a... More
