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Moody’s revises Uniti to negative
Moody's Investors Service said it changed the outlook for Uniti Group Inc. to negative following the downgrade of Windstream Services, LLC to B2 with a negative outlook.
As Uniti's largest tenant and main source of revenue, Windstream's credit profile significantly influences the ratings and outlook of Uniti, the agency explained.
“The downgrade of Windstream reflect its sustained weak operating trends, highlighted by weak EBITDA and cash flow metrics. Given Uniti's limited revenue diversity, the business and credit risk at Windstream will weigh heavily on Uniti,” Moody’s said in a news release.
The agency also affirmed Uniti's B2 corporate family rating, B2-PD probability of default rating, Caa1 (LGD5) unsecured debt rating and B1 (LGD3) senior secured debt rating.
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