S&P raises Windstream loan, Valor notes, Alltel debt

Standard & Poor's said it raised the issue-level ratings to BBB from BBB- on $2.9 billion of bank loan facilities at Windstream Corp. (BB+/negative), $400 million of secured notes at subsidiary Valor Telecommunications Enterprises LLC and $100 million of secured debt at subsidiary Alltel Communications Holdings of the Midwest Inc.

The 1 recovery ratings on the Windstream and Valor secured debt are unchanged, the agency said, adding that it assigned a 1 recovery rating to the Alltel Communications Holdings of the Midwest secured debt, which indicates the expectation for very high recovery in the event of payment default.

All of this debt is ratably secured by the same collateral package, the agency said.

At the same time, S&P said it affirmed the BBB rating on $200 million of unsecured notes at subsidiary Alltel Georgia Communications Corp., reflecting its superior position in the capital structure and the substantial level of overcollateralization.

The agency said that all ratings were removed from CreditWatch, where they had been placed with positive implications since Feb. 20, 2007.

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