S&P drops FairPoint to CCC+

Standard & Poor's said it lowered FairPoint Communications Inc.'s corporate credit and senior secured ratings to CCC+ from B and placed them on CreditWatch with developing implications.

The agency also lowered the senior unsecured rating to CCC- from CCC+.

The action follows the company's recent 10-Q filing in which it indicated that it is considering engaging a financial advisor to evaluate its current capital structure and to explore options with respect to a potential restructuring, according to the agency.

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