Moody's rates Frontier notes B2

Moody's Investors Service said it assigned a B2 (LGD 3) to Frontier Communications Corp.'s new $1.65 billion first-lien senior secured notes due 2027.

The rating is in line with the existing rating for the company's first-lien debt class, Moody's said.

The proceeds will be used to repay the company's senior secured term loan A due March 2021 and its senior secured term loan facility due October 2021, the agency said.

All of the company's other ratings, including its B3 corporate family rating and stable outlook, are unchanged, Moody's said.

This refinancing will provide Frontier with additional flexibility and further extending a previously manageable maturity profile, the agency said.

Frontier has a strong ability to address remaining upcoming unsecured maturities though 2021 with internally generated cash flow and revolver availability, Moody's said.

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