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S&P: Windstream to negative
Standard & Poor’s said it revised the outlook on Windstream Holdings Inc. to negative from stable and affirmed the company’s BB- corporate credit rating.
The B rating on the company’s senior unsecured debt also remains on CreditWatch with positive implications, where it was placed in July 2014 because of an expectation for improved recovery prospects due to a significant reduction in secured debt following the planned REIT spin-off, S&P said.
The outlook revision is based on weaker-than-expected EBITDA performance and leverage that is likely to be higher than the original base-case forecast, the agency said.
Following the company’s 2014 results, S&P said it expects Windstream’s reported EBITDA margin will be in the 22% to 23% range over the next couple of years.
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