S&P: MCI Deal May Weigh on Qwest
On Feb. 25, Standard & Poor's Ratings Services placed its ratings on Denver-based telecommunications carrier Qwest Communications (Q ) and subsidiaries, including the BB- corporate credit rating, on CreditWatch with negative implications. This follows Qwest's counterbid to Verizon Communications (VZ ) for long-distance carrier MCI (MCIP ) for $3 billion in cash and $5 billion in stock. MCI also has about $6 billion of debt outstanding.
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