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S&P: NuVox on positive watch
Standard & Poor's said it placed its ratings on NuVox Inc. on Creditwatch with positive implications, including its B corporate credit rating and the B- first-lien bank debt rating on NuVox's intermediate holding companies NuVox Transition Subsidiary LLC and Gabriel Communications Finance Co.
The five recovery rating is not on Credit watch.
According to S&P, this follows the announcement by Windstream Corp. (BB+/watch
negative) that it would acquire NuVox in a transaction valued at about $643 million, including the assumption of roughly $180 million of NuVox's net debt.
"NuVox's ratings will benefit from the higher credit quality of Windstream, whose ratings, while on Creditwatch with negative implications, are likely to remain higher than NuVox's current B corporate credit rating upon the Creditwatch resolution," said S&P credit analyst Catherine Cosentino.
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