S&P puts FairPoint on watch

Standard & Poor's said it placed the BB corporate credit rating on FairPoint Communications Inc. on CreditWatch with negative implications.

"This rating action was prompted by the company's accelerated access-line losses and continued high leverage, as well as heightened uncertainty about its prospects to remedy these factors in 2009 in light of the current weak economic environment," S&P analyst Catherine Cosentino said in a statement.

"Also, leverage remains high for the rating, at about 6x," Cosentino added.

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