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S&P trims Uniti Group
S&P said it lowered its corporate credit rating on Uniti Group Inc. to B- from B. The outlook is negative.
At the same time, S&P lowered the rating on Uniti's senior secured debt to B from B+. The recovery rating remains 2, which indicates an expectation of substantial (70%-90%; rounded estimate: 80%) recovery in the event of payment default.
In addition, S&P lowered the rating on Uniti's senior unsecured debt to CCC from CCC+. The recovery rating remains 6, which indicates an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of payment default.
“The downgrade follows the downgrade of Uniti's principal leasing tenant, Windstream, because of its deteriorating long-term business prospects as a result of secular industry declines and intense competitive pressures,” S&P said in a news release.
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