S&P lowers Windstream, debt

S&P said it lowered its corporate credit rating on Windstream Holdings Inc. to B from B+ and lowered the rating on Windstream Services LLC's senior secured debt to BB- from BB. The recovery rating remains 1, indicating an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of payment default.

The outlook is negative.

The agency said the downgrade is based on the company’s weakened operating performance as a result of ongoing competitive pressures in its consumer business and slower ramp-up of its enterprise business.

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