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S&P downgrades Uniti
S&P said it lowered the issuer credit rating on Uniti Group Inc. to CCC+ from B-.
The outlook is developing.
The agency also said it lowered the rating on Uniti's senior secured debt to B- from B.
The recovery rating remains at 2, indicating 70% to 90% expected default recovery.
S&P also said it lowered the rating on Uniti's senior unsecured debt to CCC- from CCC.
The recovery rating remains at 6, indicating 0 to 10% expected default recovery.
The rating follows the downgrade of Uniti's principal leasing tenant, Windstream, which accounts for a majority of Uniti's revenue and cash flow, S&P explained.
The downgrades also consider the risk associated with Windstream's ability to address upcoming debt maturities given its ongoing weak operating and financial performance due to secular industry declines and aggressive competition from incumbent cable providers and other telecom operators, the agency said.
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