S&P upgrades Uniti Group

S&P said it raised Uniti Group Inc.'s issuer credit rating by three notches to B- from CCC-. The agency removed all ratings from CreditWatch, where they were placed with positive implications on March 4.

S&P also upgraded the ratings on Uniti's senior secured debt to B from CCC and senior unsecured debt to CCC from C.

The upgrade follows the resolution of all legal claims against Uniti's largest tenant Windstream. Windstream's lease payments account for about 80% of Uniti's EBITDA, S&P noted.

"The agreement secures annual lease payments from Windstream through 2030, providing greater visibility into Uniti's cash flows and credit quality longer term," S&P said in a press release.

The outlook is stable.

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