NEW YORK -- Standard & Poor's today lowered its ratings on three synthetic transactions related to Qwest Communications International Inc. and its subsidiaries.Concurrently, the CreditWatch status on the three transactions is revised to CreditWatch with developing implications from CreditWatch with negative implications (see list).The lowered ratings and CreditWatch revisions reflect the July 17, 2002 downgrade of Qwest Communications International Inc.'s and its subsidiaries' long-term corporate credit and senior unsecured debt ratings.PreferredPlus Trust Series QWS-1 and PreferredPlus Trust Series QWS-2 are swap-independent synthetic transactions that are weak-linked to the underlying collateral, Qwest Capital Funding Inc.'s debt (formerly US West Capital Funding Inc.). The lowered ratings and CreditWatch revisions reflect the credit quality of the underlying securities issued by Qwest Capital Funding Inc. and guaranteed by Qwest Communications International Inc.CorTS Trust for US West Communication Debentures is a swap independent synthetic transaction that is weak-linked to the underlying collateral, Qwest Corp.'s debt (formerly US West Communications Inc.). The lowered rating and CreditWatch revision reflects the credit quality of the underlying securities issued by Qwest Corp.Qwest Communications International Inc.Standard & Poor’s