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Fitch Publishes U.S. Leveraged Finance Spotlight Series: Level 3 Communications, Inc.

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CHICAGO--(BUSINESS WIRE)--

Link to Fitch Ratings' Report: U.S. Leveraged Finance Spotlight -- HCA, Inc.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651626

Fitch Ratings has published a company report on Level 3 Communications, Inc. (Level 3), the latest in Fitch's recurring 'Spotlight Series' of leveraged finance reports.

Fitch upgraded Level-3 Communications' Issuer Default Rating to 'B' from 'B-' on Oct. 4, 2011 and assigned a Positive Outlook. The rating action followed LVLT's announcement that the company closed on its previously announced agreement to acquire Global Crossing Limited (GLBC) in a tax-free, stock-for-stock transaction.

Fitch's Spotlight Series of company reports provide in-depth credit analysis on a high-profile U.S. leveraged issuer with a significant amount of debt and/or complex capital structure. In addition to the operating, liquidity and financial analysis, the report also provides:

-- Capital Structure analysis with debt diagrams;

-- Recovery Analysis;

-- Detailed debt document summaries;

-- Industry Outlook and Competitive Risk assessment; and

-- Summary of Corporate Governance Issues.

Previous Spotlight Series reports include:

-- MGM Resorts International (Feb 2, 2012)

-- Energy Future Holdings Corp. (Oct. 27, 2011)

-- Del Monte Corporation (November 17, 2011)

-- Sprint Nextel Corp. Spotlight (Oct. 26, 2011)

-- HCA, Inc. (Oct. 11, 2011)

-- Toys 'R' Us, Inc. (Sept. 29, 2011)

Upcoming Spotlight Series reports include:

--Nielsen Company B.V.

--First Data Corporation

--Dean Foods Company

--Clear Channel Communications, Inc.

--Calpine Corporation

The full report 'Level 3 Communications, Inc.' as well as 'Fitch 50 - Structural Profiles of 50 Leveraged Credits' are available on the Fitch web site at:

www.fitchratings.com/usleveragedfinance

Applicable Criteria and Related Research:

-- MGM Resorts International (Feb. 2, 2012);

-- Energy Future Holdings Corp. (Oct. 27, 2011);

-- Del Monte Corporation (Nov. 17, 2011);

-- Sprint Nextel Corp. Spotlight (Oct. 26, 2011);

-- HCA, Inc. (Oct. 11, 2011);

-- Toys 'R' Us, Inc. (Sept. 29, 2011)

Applicable Criteria and Related Research:

U.S. Leveraged Finance Spotlight -- MGM Resorts International

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=666969

U.S. Leveraged Finance Spotlight -- Energy Future Holdings Corp.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=653289

U.S. Leveraged Finance Spotlight -- Del Monte Corporation

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=655192

U.S. Leveraged Finance Spotlight -- Sprint Nextel Corp.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=653926

U.S. Leveraged Finance Spotlight -- HCA, Inc.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651626

U.S. Leveraged Finance Spotlight -- Toys 'R' Us, Inc.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=636270

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
David Peterson, +1-312-368-3177
Senior Director
Fitch, Inc.
70 West Madison St.
Chicago, IL 60602
or
Media Relations:
Brian Bertsch, +1-212-908-0549
Email: brian.bertsch@fitchratings.com

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