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Moody's lowers Windstream
Moody's Investors Service said it downgraded Windstream Corp.'s corporate family rating to Ba3 from Ba2 and probability of default rating to Ba3-PD from Ba2-PD.
As part of the action, Moody's also downgraded the ratings on Windstream's senior secured credit facilities to Ba2 (LGD3 - 38%) from Baa3 (LGD2 -13%) and its senior unsecured notes to B1 (LGD4 - 69%) from Ba3 (LGD5-75%).
Moody's also lowered Windstream's speculative grade liquidity rating to SGL-3 from SGL-2.
The outlook is stable.
The downgrades reflect Windstream's high leverage and weak free cash flow profile, which are both the result of its high dividend, the agency said.
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