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Moody's downgrades CenturyTel long-term rating
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NEW YORK - Moody's Investors Service said Tuesday it has downgraded its long-term rating on CenturyTel Inc. to "Baa3" from "Baa2."
About $9 billion of rated debt is affected, Moody's said. A "Baa3" rating is investment grade, but it is only one notch above non-investment-grade ratings, also known as "junk" status.
The ratings agency said its actions come amid the expected close of CenturyTel's acquisition of Embarq Corp.
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