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| Moody's cuts Qwest to junk bond status by Jeremy at 7:04 am EDT, May 31, 2002 | |||
Moody's cut Qwest's debt rating because of the telecommunications carrier's uncertain financial condition. The change affects about $26.4 billion of the company's debt. Most was cut to "junk" status; local phone company debt was cut to one notch above junk status. The company says that it will become cash flow positive in the second quarter of this year and remain so for the year. What the company chooses not to mention is that the only way they'll likely achieve positive cash flow is through the sales of the yellow pages. | |||
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