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Fitch affirms Windstream
Fitch Ratings said it has affirmed Windstream Corp.'s ratings as follows: long-term issuer default rating at BB+; secured credit facility at BBB-; and senior unsecured notes at BB+.
Subsidiary ratings, the agency said, have been affirmed.
The outlook is stable.
Fitch added that the affirmation of Windstream's ratings and the stable outlook incorporate expectations for the company to generate strong operating and free cash flows, to maintain relatively stable credit-protection metrics and to have access to ample liquidity.
Fitch said it believes the company's 2009 gross debt-to-EBITDA ratio could slightly exceed 3.4 times and be moderately higher than historical levels, but on a net debt-to-EBITDA basis should remain within the company's 3.2x to 3.4x historical range.
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