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S&P rates Frontier notes BB
Standard & Poor's said it assigned a BB rating and 3 recovery rating to Frontier Communications Corp.'s proposed $500 million of senior notes due 2021.
The 3 recovery rating indicates 50% to 70% expected recovery in a default.
The proceeds will be used to repay existing debt.
The company's BB corporate credit on Frontier is unchanged and the outlook is negative.
The rating reflects the company's weak business risk profile and significant financial risk profile, S&P said.
Its weak business risk factors include significant competitive pressures from wireless substitution and the incumbent cable operators, the agency said.
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