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New York, February 24, 2023 -- Moody's Investors Service (Moody's) downgraded Lumen Technologies, Inc.'s (Lumen) corporate family rating (CFR) to B2 from Ba3 and its probability of default rating to B2-PD from Ba3-PD. Moody's also downgraded the following: 1) Lumen's senior secured rating to B3 from Ba3 and its senior unsecured rating to Caa1 from B2, 2) Level 3 Financing, Inc.'s (Level 3) senior secured rating to Ba2 from Ba1 and its senior unsecured rating to B1 from Ba3 and 3) Qwest Corporation's (Qwest) senior unsecured rating to B1 from Ba2. The company's speculative grade liquidity rating was downgraded to SGL-3 from SGL-2, reflecting adequate liquidity. The rating outlook was changed to negative from stable.