Fox and MarketWatch reported that "Level 3 Communications Inc. had its corporate credit rating cut to SD, or selective default, from CC by Standard & Poor's. S&P also lowered ratings on Level 3's convertible subordinated notes due 2010 to D from C." In addition, Level3 changed its stock buy back plan -- and is having trouble getting takers. According to Denver Business Journal, "Level 3 is trying to push out repayment of about $1.14 billion of investor-held debt coming due in the next two years -- $305 million in 2009, $836 million in 2010 -- to preserve its liquidity in the face of flattening revenue. .... The company had committed to spend as much as $438 million of its cash to buy back some of the 2009 and 2010 notes. It planned to fund the rest of the debt buyback by selling debt notes that mature in 2013 and yield 15 percent interest annually."
