Level 3 Financing, Inc. -- Moody's rates Level 3 Financing's new notes B3; outlook remains stable

Toronto, April 14, 2015 -- Moody's Investors Service (Moody's) has assigned a B3 rating to Level 3 Financing, Inc.'s (Financing) new $1.2 billion senior unsecured notes. Financing is a wholly-owned subsidiary of Level 3 Communications, Inc. (Level 3), the guarantor of the notes. Level 3's B2 corporate family rating (CFR) and B2-PD probability of default rating (PDR) remain unchanged, and its speculative grade liquidity rating remains unchanged at SGL-2 (good liquidity). The ratings outlook remains stable. Proceeds from the new issue, with cash on hand, will be used to repay a similar amount of the company's senior unsecured 8.125% notes issued by Level 3 Financing Inc. which mature July 2019.

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