A Flash Flood Watch remains in effect through 9pm Wednesday. Heavy rain is possible throughout the day, and this combined with already saturated soils could lead to further flash flood problems both near and away from all area burn scars. Stay with 11 News throughout the day for weather updates.
Moody's Investors Services has downgraded Qwest Capital Funding's debt.
Moody's lowered Qwest Capital Funding's junk-grade debt rating to CAA-2 from CAA-1. It declined to rate $3.3 billion in new Qwest Services Corporation notes because the company did not provide audited financial statements on the transaction.
Qwest completed a swap last week of about $5.2 billion in bonds for $3.3 billion of new debt.
The move was aimed at reducing Qwest Communication's 24-and-a-half billion-dollar debt and avoiding bankruptcy.
Moody's says it will monitor all Qwest ratings until the federal government completes its investigations into the company's accounting practices and financial statements.