Fitch cuts Uniti, rates notes B

Fitch Ratings said it assigned a B/RR1 rating to Uniti Group LP's planned issuance of $2.25 billion of senior secured notes. The notes are on rating watch negative.

Fitch also downgraded Uniti Group Inc.'s and Uniti Fiber Holdings, Inc.'s long-term issuer default ratings to CCC from B. The IDRs and debt security ratings remain on rating watch negative. In addition, Fitch downgraded Uniti Group LP's senior secured revolver, term loan and notes to B/RR1 from BB/RR1, senior unsecured notes to CCC-/RR5 from B-/RR5 and Uniti Fiber's senior unsecured 4% exchangeable notes to CCC-/RR5 from B-/RR5.

The downgrade reflects the potential material adverse outcome of the adversary proceeding filed against Uniti by Windstream Holdings, Inc. as well as the potential for litigation to continue over a longer time horizon than expected.

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