A credit and stock rating company says investors should avoid buying shares of Qwest Communications.
Standard and Poor's reiterated that recommendation today after
yesterday's announcement of civil and criminal charges against
current and former Qwest officials.
The "avoid'' rating is the second-lowest of five.
A grand jury indicted four former executives on charges of
developing a scheme to artificially boost revenue and then covering
it up. Those defendants and four others also face civil fraud
charges from the Securities and Exchange Commission.
Three of them were expected to turn themselves in Thursday, and
one on Friday.
Qwest shares are down four pennies to three-dollars-36-cents on
the New York Stock Exchange.