Fitch affirms Level 3's IDR at B+ following acquisition of tw telecom Fitch Ratings has affirmed the 'B+' Issuer Default Rating assigned to Level 3 Communications (LVLT) and its wholly owned subsidiary Level 3 Financing. In addition, Fitch has affirmed the specific issue ratings assigned to LVLT and Level 3 Financing. The Rating Outlook remains Stable. Approximately $8.4B of LVLT's consolidated debt as of March 31, 2014 is affected by Fitch's actions. Fitch's action follows LVLT's announcement that it has agreed to acquire tw Telecom (TWTC) in a cash and stock transaction valued at approximately $5.7B.