APS Financial Corporation Changes Rating on Level 3 Communications Inc. High Yield Notes.

Business Editors

AUSTIN, Texas--(BUSINESS WIRE)--June 30, 2003

APS Financial Corporation has updated their continuing coverage on the high yield notes of Level 3 Communications

Not to be confused with L-3 Communications, a communications system company.

Level 3 Communications NASDAQ: LVLT is a communications and information services company headquartered in Broomfield, Colorado, USA. Inc. (Nasdaq:LVLT LVLT Level 3 Communications, Inc. (stock abbreviation, AMEX) ) (bond symbol:LVLT). LVLT is being covered by high yield analyst Brent Brewer, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. . For more information and a copy of the comprehensive research report, please contact high yield associate analyst Sorush S. Abboud at sabboud@amph.com or toll free at 800/248-0620.

APS Financial Corporation (APSF APSF Anesthesia Patient Safety Foundation
APSF Aerial Port Support Flight
APSF Anterior/Posterior Spinal Fusion ), a subsidiary of American Physicians Service Group, specializes in insurance company fixed income asset management, institutional and retail securities sales, and investment analysis. Established in 1981, APSF provides both institutions and high net worth individual investors with value-added, personalized per·son·al·ize
tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es
1. To take (a general remark or characterization) in a personal manner.

2. To attribute human or personal qualities to; personify. investment advice and account services. Our staff includes experienced analysts, traders, and portfolio managers who are knowledgeable in all areas of the fixed income market. In addition to offering insurance asset management and reporting services, APSF is also extensively involved in the trading and analysis of high yield corporate bonds. We conduct our own proprietary research and have developed a large client base of high net worth individuals and institutional buyers.

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Publication:	Business Wire
Geographic Code:	1USA
Date:	Jun 30, 2003
Words:	187
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