Moody's affirms Windstream, ups Iowa Telecom to positive

Moody's Investors Service said it affirmed Windstream Corp.'s Ba2 corporate family and probability of default ratings and changed the outlook on Iowa Telecommunications Services, Inc. to positive from stable.

The rating action was prompted by Windstream's announced plans to acquire Iowa Telecom for a total purchase price of about $1.1 billion, consisting of about $261 million in cash, about $270 million in Windstream stock and the assumption of less than $600 million of Iowa Telecom's outstanding debt, the agency said.

As part of the rating action, Moody's said it affirmed Windstream's SGL-1 liquidity assessment.

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