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Bond Market News
Lumen Upgraded to B2 by Moody’s
February 23, 2026
Lumen Technologies was upgraded by a notch to B2 from B3 by Moody’s. The rating agency also upgraded multiple debt instruments including Level 3’s secured facilities and unsecured notes, and Lumen’s and Qwest’s senior unsecured notes. The upgrade reflects a significant strengthening of Lumen’s credit profile following a major balance-sheet restructuring. After selling its mass-markets fiber-to-the-home business to AT&T for $5.75bn, the company used proceeds and cash on hand to repay about $4.8bn of debt. This is expected to reduce annual interest expense by roughly $300mn and lower capital expenditures by about $1bn. Moody’s projects Lumen’s leverage to fall to around 4.0x debt-to-EBITDA by end-2026. Lumen has secured about $13bn in long-term contracts which include upfront cash payments, strengthening its free cash flow generation profile. Moody’s also expects Lumen to maintain solid liquidity given cash balances exceeding $1bn as of end-2025 and no major debt maturities before 2028.
Lumen’s dollar bonds traded stable. For instance, it’s 5.375% 2029s was at 95.5, yielding 6.93%
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