S&P: Windstream unaffected

Standard & Poor's said the rating and outlook on Windstream Corp. (BB+/negative) would not be affected by the company's recently announced plan to buy back $400 million of equity over the next two years.

The agency said that given its expectations for Windstream to generate discretionary cash flow of $150 million to $200 million per year over the next few years, it does not expect the share repurchase program to materially impact leverage.

With a debt-to-EBITDA ratio of 3.3 times, however, management's ability to pursue debt-financed acquisitions at the current rating level is limited, S&P said.

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