S&P downgrades Windstream

S&P said it lowered its issuer credit rating on Windstream Holdings Inc. and its subsidiaries to D (default) from CCC- and lowered the issue-level ratings on Windstream's first-lien debt to D from CCC+, second-lien debt to D from CC and senior unsecured debt to D from C.

The rating action follows Windstream's announcement that it filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The bankruptcy filing follows the acceleration of Windstream's debt as a result of a recent court ruling that the company breached its sale and leaseback covenant when it spun off a portion of its fiber and copper plant and formed Uniti in 2015.

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