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S&P gives Windstream notes B-
S&P said it assigned a B- issue-level and 5 recovery ratings to Windstream Holdings Inc. wholly owned subsidiary Windstream Services LLC's and Windstream Finance Corp.'s $832 million of 8¾% senior unsecured notes due in 2024.
The 5 recovery rating indicates an expectation of modest (10%-30%; rounded estimate: 20%) recovery in the event of payment default.
The notes were issued in connection with the completion of Windstream's latest series of debt exchanges, initiated in November.
The B corporate credit rating and negative outlook on Windstream Holdings are unchanged.
“While we view the lower debt coming due over the next five years favorably for the company's maturity profile and liquidity position, Windstream still faces significant maturity towers of about $1.3 billion in both 2020 and 2021,” the agency said in a news release.
“We continue to believe that Windstream could have difficulty addressing its maturities over the medium term absent a material improvement in its operating and financial performance.”
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