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Note to Investors

The following statement can be attributed to Sunit Patel, chief financial officer of Level 3 Communications, Inc. (NASDAQ: LVLT):

"Yesterday, the bond-rating agency Standard & Poor's lowered Level 3's corporate credit rating from 'CCC' to 'CC' and noted it expects to lower the rating further to 'SD' in the near future. This expected action followed our announcement last week of tender offers for up to $450 million principal amount of debt securities due 2008.

"It's a matter of policy for S&P to reduce an issuer's credit rating whenever the company makes a formal offer to purchase outstanding securities at a discount to par. As S&P has indicated, Level 3's 'corporate credit rating is expected to be reassigned at CCC' following the successful completion of the tender offer. As such, we do not expect yesterday's announcement to have any impact on the company."

About Level 3 Communications

Level 3 (NASDAQ: LVLT) is an international communications and information services company. The company operates one of the largest Internet backbones in the world, is one of the largest providers of wholesale dial-up service to ISPs in North America and is the primary provider of Internet connectivity for millions of broadband subscribers, through its cable and DSL partners. The company offers a wide range of communications services over its 23,000-mile broadband fiber optic network including Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, and patented softswitch managed modem and voice services. Its Web address is

The company offers information services through its subsidiaries, Software Spectrum and (i)Structure. For additional information, visit their respective Web sites at and

The Level 3 logo is a registered service mark of Level 3 Communications, Inc. in the United States and/or other countries. Level 3 services are offered by wholly owned subsidiaries of Level 3 Communications, Inc.

Forward Looking Statement

Some of the statements made by Level 3 in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Level 3 believes that its primary risk factors include, but are not limited to: changes in the overall economy relating to, among other things, the September 11 attacks and subsequent events, substantial capital requirements; development of effective internal processes and systems; the ability to attract and retain high quality employees; technology; the number and size of competitors in its markets; law and regulatory policy; and the mix of products and services offered in the company's target markets. Additional information concerning these and other important factors can be found within Level 3's filings with the Securities and Exchange Commission. Statements in this release should be evaluated in light of these important factors.

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SOURCE: Level 3 Communications, Inc.

CONTACT: Media, Josh Howell, +1-720-888-2517, or Arthur Hodges,
+1-720-888-6184, or Investors, Robin Grey, +1-720-888-2518, or Sandra
Curlander, +1-720-888-2501, all of Level 3 Communications, Inc.

Web site:

Web site:

Web site:

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Level 3 Communications
1025 Eldorado Boulevard
Broomfield, CO 80021

North America: + 720 888 2750
Europe: + 44 3300 607 342
Latin America: + 55 11 3957 2424
Asia Pacific: + 852 3512 5888

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