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Bond Market News
Lumen Upgraded to Caa1, Bonds Tick Higher
August 20, 2024
Lumen’s bonds were up over 2 points with the company receiving an upgrade to Caa1 from Caa2 by Moody’s. The rating agency also upgraded every class of Lumen’s dollar notes by a notch. This comes on the back of the company securing $5bn in new orders to provide fiber capacity and network management to large customers including Microsoft. This is set to “materially strengthen” its near-term free cashflow generation to over $1bn from 2024 through 2026. The outlook was also lifted to positive due to the above expected cashflow generation rise and ability to maintain ample liquidity despite increasing capital expenditures to expand its footprint.
Lumen’s 4.5% 2029s were up 2.4 points to 53 cents on the dollar, yielding 21.6%.
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