S&P cuts Windstream

Standard & Poor's said it lowered its ratings on Windstream Corp., including the corporate credit rating to BB from BB+.

The ratings remain on CreditWatch with negative implications.

The rating action follows Windstream's announcement that it has signed a definitive agreement to acquire Iowa Telecommunications Services in a transaction valued at $1.1 billion.

The downgrade reflects S&P's concerns about the company's aggressive acquisition strategy coupled with already high leverage.

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