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S&P downgrades Uniti
S&P said it lowered its corporate credit rating on Uniti Group Inc. to B from B+ and lowered the rating on its senior secured debt to B+ from BB-. The recovery rating remains 2, indicating an expectation of substantial (70%-90%; rounded estimate: 80%) recovery in the event of payment default.
In addition, the agency lowered the rating on Uniti's senior unsecured debt to CCC+ from B-. The recovery rating remains 6, indicating an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of payment default.
The outlook is negative.
S&P said the downgrade follows the downgrade of the corporate credit rating on Windstream due to deteriorating operating performance, intense competitive pressures, secular industry declines, and potential refinancing constraints.
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