Fitch affirms Uniti Group

Fitch Ratings said it affirmed Uniti Group Inc.'s long-term issuer default rating at BB-.

The outlook remains stable.

In addition, Fitch affirmed Uniti Group LP's debt, which was previously issued by Uniti Group Inc. and assumed by Uniti Group LP upon the formation of an umbrella partnership real estate investment trust.

Uniti Group Inc. is a guarantor of the debt.

The agency said the affirmation reflects a belief that Uniti's operating cash flows are more stable than the operating cash flows at its main tenant, Windstream Services LLC, as well as the improved revenue diversification Uniti has attained through acquisitions of communications infrastructure since the spin-off from Windstream in 2015.

“Although diversification has improved it remains high and constrains the long-term issuer default rating,” the agency said in a news release.

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