S&P: Frontier notes unaffected

Standard & Poor's said its BB issue-level rating on Frontier Communications Corp.'s 7 1/8% senior notes due 2023 is unchanged. The 3 recovery rating is also unchanged.

The company is proposing to tack $200 million onto its existing $600 million senior notes, for an aggregate of $800 million.

S&P said the BB corporate credit rating on Frontier is unchanged and the outlook is negative.

The agency said the rating reflects a weak business risk profile and significant financial risk profile. Key business risk factors include significant competitive pressures from wireless carriers and incumbent cable operators.

The agency said its significant financial risk assessment is based on Frontier's leverage of about 3.7x as of June 30 and what S&P considers to be a shareholder-oriented financial policy.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.