A FLASH FLOOD WATCH will go into effect on Tuesday afternoon for most of Southern Colorado. Daytime heating and moisture will combine with a disturbance moving through Colorado to develop numerous thunderstorms. Any one of them will be more than capable of producing very heavy rain. Burn scars and areas that have seen recent heavy rain will be under the greatest risk for flash flooding. The 11 Breaking Weather Team will be tracking this threat all day for you.
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.