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S&P affirms Windstream, debt
S&P said it affirmed its B corporate credit rating on Windstream Holdings Inc. and affirmed the BB- issue-level ratings on Windstream Services LLC's and Windstream Holdings of the Midwest Inc.'s senior secured and senior unsecured debt.
The recovery rating remains 1, which indicates an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of payment default.
At the same time, the agency affirmed the B issue-level rating on Windstream Services' senior unsecured debt. The recovery rating remains 4, which indicates an expectation of average (30%-50%; rounded estimate: 30%) recovery.
The outlook is negative.
S&P said the affirmation follows Windstream’s recent disclosure that it received a purported notice of default from a noteholder claiming the company violated covenants under the indenture governing its senior notes due 2023. The agency said it can’t speculate on potential outcomes from the notice.
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