Qwest Corporation -- Moody's changes CenturyLink's outlook to negative after share repurchase announcement

New York, February 24, 2014 -- Moody's Investors Service ("Moody's) has changed CenturyLink, Inc.'s ("CenturyLink" or the "Company") rating outlook to negative following the announcement that CenturyLink's board has authorized an additional share repurchase program of up to an aggregate $1 billion of the Company's outstanding common stock over the next two years. The new share repurchase program shall begin when the current share repurchase program is completed, which is expected during the second quarter of 2014 based on current market conditions. The change in outlook reflects Moody's belief that CenturyLink is changing its stance on its prior commitment to use some portion of excess free cash flow for debt reduction. Furthermore, the Company is exhibiting a tolerance for even higher leverage than their current stated target of no greater than 3.0 times Debt to EBITDA. All of CenturyLink's existing ratings, including all rated subsidiaries, have been affirmed.

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