Moody's Investors Service (Moody's) has assigned a Ba3 to CenturyLink, Inc.'s (CenturyLink) proposed $750 million senior secured notes due 2027 (Secured Notes), in line with existing secured debt at this ultimate holding company entity. The net proceeds from the sale of the Secured Notes, together with cash on hand, will be used to pay down a portion of CenturyLink's existing senior secured term loan facilities. All other ratings including the company's Ba3 corporate family rating (CFR) and stable outlook are unchanged.

Moody's Investors Service (Moody's) has assigned a B2 to CenturyLink, Inc.'s (CenturyLink) proposed senior unsecured notes (Unsecured Notes), in line with existing unsecured debt at this ultimate holding company entity. The net proceeds from the sale of the Unsecured Notes, together with cash on hand, will be used to fully redeem all $850 million aggregate principal amount of outstanding 6.875% notes due 2033 at CenturyLink's subsidiary, Qwest Corporation.

Moody's Investors Service (Moody's) has assigned a Ba1 to CenturyLink, Inc.'s (CenturyLink) proposed senior secured notes (Secured Notes) which will be issued by Level 3 Financing, Inc. (LFI), a direct, wholly owned subsidiary of Level 3 Parent, LLC (Level 3). The net proceeds from the offering are expected to be used to repay a portion of the $4.611 billion senior secured Tranche B 2024 term loans under LFI's existing senior secured credit facility. The Secured Notes, which will be secured by the same collateral pledged by LFI to secure its existing senior secured credit facility, will also be fully and unconditionally guaranteed by Level 3 and certain of its material domestic subsidiaries.

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Moody's Investors Service (Moody's) has affirmed the Ba3 corporate family rating (CFR) for CenturyLink, Inc. (CenturyLink). Moody's has also affirmed CenturyLink's Ba3-PD probability of default rating (PDR), its senior unsecured rating of B2, and its senior secured rating of Ba3.