Level 3 Communications, Inc. http://www.alacrastore.com/company-snapshot/Level_3_Communications_Inc-2002856 Sunday, September 07, 2008 7:05:56 AM 2002856 Level 3 Communications, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/399828_report_framefitch/399828_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.American Axle & Manufacturing Holdings, Inc.Beazer Homes USA, Inc.Level 3 Communications, Inc.Liberty Media LLC800905068119968981416308822198339/5/2008 6:31:00 PM010300000103040001030700010313000103130201032400275NewsletterAXLBZHLVLT399828_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/73616cs/73616norm Telecom & Suppliers Monthly Summary: September #### We review key themes published in August. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....736161561YesD0Article7952185177621197653174891964313164198612712142070634501162726208222352242061corphy181942High Yield82Telecom & Suppliers Monthly Summary9/1/2008 11:06:44 PM150We summarize our investment theses for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of August.73616Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/431456_pr_framefitch/431456_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Level 3 Communications, Inc.Level 3 Financing, Inc.81416308814170598/29/2008 2:15:00 PM010300000103040085Press ReleaseLVLT431456_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/667364spcred/667364normThe latest Summary from S&Pglobal8/26/2008 1:12:51 PM175Summary667364United StatesAlternative CarriersUnited StatesGlobal IssuersCorporationsHigh TechnologyMetals & MiningTelecommunications & CableSummaryThe ratings on Broomfield, Colo.-based Level 3 Communications Inc. and its wholly owned subsidiary, Level 3 Financing Inc., reflect the company's position in a highly competitive industry dominated by large, well-capitalized competitors, integration risk resulting from an active acquisition strategy, elevated leverage, and sizable capital expenditure requirements which consume the majority of the company's operating cash flow. Tempering factors include rapidly growing demand for broadband communication services and Internet content, which, when coupled with industry consolidation, have absorbed much of the excess bandwidth capacity, and adequate liquidity from a sizable cash balance. Level 3 is a facilities-based provider of integrated communication services in the U.S. and Europe. As of June 30, 2008, the company's network included a 48,000-mile intercity fiberUSA52729N50101010 501010 5010 50Level 3 Communications Inc.322572USALVLTSUMMARYGLOBISSCORPHighMetalsTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/72196cs/72196norm Level # Communications #Q## Tearsheet We expect the company to reach FCF positive in remainder of ####.We continue to believe that the company's leverage ratio is likely to decline as the company improves its operations, as long as...72196565YesC21Tearsheet1271tearsheets/premium198/20/2008 1:05:59 PM15072196Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73329cs/73329norm Telecom & Suppliers CY#Q## Review: A Sigh of Relief for Tech; Mixed for Telcos The quarter brings, for the most part, a sigh of relief to tech companies, as the macro environment and demand have not deteriorated much from the prior...733293708YesD0Article2146345016412061127120702082522411627262233132187762119986517953171964765489corphy22511918303G/Wireless Technology33Capital Structure42High Yield66Earnings Reports - TMT8/20/2008 10:09:29 AM150With CY Q2:08 earnings wrapping up, we comment on some of the key themes and issues which surfaced from the earnings reports, including economic effects and the relationships among various parts of the value chain.73329Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/USN-0001-27317544newstex/USN-0001-27317544xml Aug. ##, #### (US Newswire delivered by Newstex) -- To: NATIONAL EDITORSContact: Danielle West, +#-###-###-####, for the Fiber-Optic Cable Settlement Claims Administrator BOSTON, Aug. ## /PRNewswire-USNewswire/ -- The United States...02000000020070000400000004003000040030070400300604015000040150028/11/2008 11:21:51 AM1800000018014000U.S. NewswireUSN-0001-27317544LEVEL 3 COMMUNICATIONS INCQWEST COMMUNICATIONS INTERNATIONAL INCLVLTQNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-27317529newstex/PRN-0005-27317529xml BOSTON, Aug. ##, #### (PRNewswire-USNewswire delivered by Newstex) -- The United States District Court for the District of Massachusetts has granted preliminary approval of Proposed Settlements affecting people who own or owned land...02000000020070000400000004003000040030070400300604015000040150028/11/2008 11:21:50 AM1800000018014000PR Newswire USPRN-0005-27317529LEVEL 3 COMMUNICATIONS INCQWEST COMMUNICATIONS INTERNATIONAL INCLVLTQNewsNewstexhttp://www.alacrastore.com/storecontent/cs/72598cs/72598norm Telecom & Suppliers Monthly Summary: August #### We review key themes published in July. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....725981907YesD0Article2146345016412241271223208252070116272631376531751795218489201619649862061corphy12251819303G/Wireless Technology66Earnings Reports - TMT33Capital Structure42High Yield82Telecom & Suppliers Monthly Summary49M&A Activity150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of July.8/1/2008 2:05:52 AM72598Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1881690ccbn/B1881690norm...Core network services revenue growth, network expense optimization, and OpEx reductions drove significant adjusted EBITDA growth. ... 7/24/2008 10:14:00 PMLevel 3 Communications54.0000EditedLevel 3 Communications Q2 2008 Earnings Conference Call SummaryLVLT10:00am ETBriefB1881690Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/72163cs/72163norm Level # Communications #Q##: Positive Free Cash Flow Level # reported its Q# results, which we believe were solid. The greatest achievement was reaching positive free cash flow through both improvement in operating cash flow as well...721631502YesD0Article726127120612241964218corphy11942High Yield33Capital Structure66Earnings Reports - TMT7/24/2008 9:05:51 PM150Level 3 Communications reported its Q2 results, which featured positive free cash flow as the most important positive. We discuss this and other aspects of the results.72163Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1881690ccbn/T1881690norm...Please stand by for realtime transcript. Good day, welcome to the Level # Communications Incorporated second quarter #### earnings conference call. Today's call is being recorded. ... 7/24/2008 12:08:00 PMLevel 3 Communications54.0000FinalLevel 3 Communications Q2 2008 Earnings Conference Call TranscriptLVLT10:00am ETTranscriptT1881690Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26894572newstex/PRN-0005-26894572xml BROOMFIELD, Colo., Jul. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Level # Communications, Inc. (Nasdaq: LVLT) today reported strong second quarter results. Consolidated revenue was $#.## billion for the second quarter...040000000401600004016048040160010401601804010000040100010401001004007000040070057/24/2008 9:26:56 AM18000000180080001800400018023000PR Newswire USPRN-0005-26894572LEVEL 3 COMMUNICATIONS INCJAMES Q CROWESUNIT S PATELLVLTNewsNewstexhttp://www.alacrastore.com/storecontent/cs/71735cs/71735norm Telecom & Suppliers: CY #Q## Earnings Preview (Part II) In this article, we examine the overall themes and issues for North American wireless and wireline service providers for the upcoming earnings season. More specifically, we discuss...717354640YesD0Article19642016986224223726127176577620617952182119corphy225119303G/Wireless Technology33Capital Structure66Earnings Reports - TMT42High Yield7/16/2008 10:06:00 PM150In this article, we examine the issues and themes of the upcoming earnings for North American wireless and wireline carriers.71735Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71182cs/71182norm Telecom & Suppliers Monthly Summary: July #### We review key themes published in June. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage. We...711822839YesD0Article2146345016412061127122352242070116272651317986717214622536191842High Yield54Euro Markets Issuers82Telecom & Suppliers Monthly Summary6/30/2008 11:05:41 PM150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of June.21877621194897957653131964corphy119271182Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71020cs/71020norm Telecom & Suppliers: Empirical Observations of Ratings Differentials In this article, we discuss our observations of the ratings differentials between the different classes of debt issued by a given company. Credit ratings appear...710201583YesD0Article1641127120702061795776corphy1193618303G/Wireless Technology33Capital Structure42High Yield6/30/2008 12:06:22 AM150We discuss our empirical observations of the ratings differentials between the different classes of debt. We use these to compare debt ratings for selected companies under our coverage.71020Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70866cs/70866norm Recap and Observations of NXTComm #### We recap some of the themes and our observations from last week's NXTComm ####. Telcos are facing significant challenges with the economics of broadband - which are made worse by the increasing...D0Article1271214313224726223634502187652061513171964986corphy1181936303G/Wireless Technology33Capital Structure54Euro Markets Issuers42High Yield6/23/2008 12:06:55 AM150We recap some of the themes and our observations from NXTComm 2008, which was held last week.708663729Yes70866Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69990cs/69990norm Telecom & Suppliers Monthly Summary: June #### We review key themes published in May. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage. We...19643132145224207063450776218795211976548951317986corphy2251191842High Yield82Telecom & Suppliers Monthly Summary33Capital Structure51LBO43Litigation66Earnings Reports - TMT49M&A Activity6/2/2008 12:05:46 AM150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of May.699901684YesD0Article20611271164169990Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68304cs/68304norm Level # Communications #Q## Tearsheet We continue to believe that the company's leverage ratio is likely to decline as the company improves its operations, as long as the company does not engage in more acquisitions.Although management...68304538YesC21Tearsheet1271tearsheets/premium195/30/2008 12:23:25 PM15068304Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69850cs/69850norm Telecom & Suppliers #Q## Review (III): Telecom Services Trends We examine some of the common trends in telecom services which emerged from the #Q## earnings results. Most carriers seemed to suggest that the economic impact on their...698503138YesD0Article72612711964223206120162247762187652119986corphy11966Earnings Reports - TMT42High Yield33Capital Structure5/28/2008 11:06:19 PM150We examine some of the common trends in telecom services which emerged from the 1Q08 earnings results, comparing them to historical trends and identifying those which will likely continue in future quarters.79569850Credit & Investment ResearchCreditSights