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If Level 3 is unable to materially improve free cash flow in 2006, significantly reduce leverage, or be unable to show continued good progress in changing its revenue mix to a greater growth focus, a negative rating action might result, which could include a change of Rating Outlook by Fitch. The change of Rating Outlook at the holding company level is reflective of the sluggishness of many Caribbean economies where the group operates. The rating action follows the change of Rating Outlook on Colombia's sovereign ratings to Negative from Stable. |
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