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S&P lowers Windstream, notes
S&P said it lowered its corporate credit rating on Windstream Holdings Inc. to CC from B-.
The outlook is negative.
At the same time, the agency lowered the rating on Windstream Services' 7¾% senior notes due 2021, 7½% senior notes due 2022, 7½% senior notes due 2023, 6 3/8% senior notes due 2023 and 8¾% senior notes due 2024 to C from CCC.
The recovery rating remains 6, indicating an expectation of negligible (0%-10%; rounded estimate: 5%) recovery in the event of payment default.
The CCC rating on Windstream Services' 7¾% senior notes due 2020 and B+ rating on Windstream Services' and Windstream Holding of the Midwest's senior secured debt are unchanged.
S&P said the downgrade follows Windstream's announcement that it launched exchange offers to holders of its senior notes due 2021, 2022, 2023 and 2024 for new 9% second-lien notes due 2025 at below par value.
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