Fitch rates Windstream notes BB+

Following the completion of the spin-off of Alltel Wireline from Alltel Corp. and Alltel Wireline's merger with Valor Communications Group, Inc. to form Windstream Corp., Fitch Ratings said it has formally assigned the ratings announced in a press release dated June 2.

Fitch assigned a BB+ rating to Windstream's $2.546 billion of senior unsecured notes. Windstream's issuer default rating is BB+ and the outlook is stable for all ratings.

Alltel Georgia's BB+ issuer default rating, as well as Alltel Communications Midwest's BB+ issuer default rating and BB+ notes, are unchanged.

Windstream's BB+ issuer default rating and stable outlook incorporate Fitch's expectations that Windstream will generate strong operating cash flow and stable credit-protection metrics and have access to ample liquidity.

Fitch's primary concern is the company's dependence on voice service revenues in an environment of increasing competition.

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