S&P puts Windstream on watch

Standard & Poor’s said it placed Windstream Holdings Inc.’s BB- corporate credit rating on CreditWatch with negative implications.

The CreditWatch placement follows news that the company authorized a $75 million share repurchase program that will expire Dec. 31, 2016, S&P said.

The agency said it believes the stock-buyback program, coupled with weak operating and financial performance, could make it challenging for the company to achieve a threshold of adjusted debt-to-EBITDA of less than 5.5x over the next year.

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