I don't think it works that way. You don't "reply to" S&P. You run your business, and S&P rates your credit.
Now, if you are talking about informing shareholders that they will be reducing the dividend to restore their credit rating, you have a winner.
Otherwise, you talkin' trash, foo"
FTR is a creature of debt. There is no way that FTR will simply declare its regular divi and say nothing about a change in its debt rating by S&P. I'm sure a lower rating would jack up FTR's bank borrowing rates and have a rate increase running thru all of its internal projections that it delivers to its bankers for the $750 mil line.
If FTR were to experience a debt downgrade by S&P it would hurt the stock -- haven't you noticed the 17% yield? This yield is not due to mass hysteria -- FTR has a cash flow problem that has broken the stock. It now yields more than 2 times WIN! Open your eyes -- they overpaid for VZ and like S&P I think competition is taking share from FTR.
Yes FTR will decalre its regular dividend IMO. And I'm sure you are kidding about "jack up bank borrowing rates". I'm sure you are aware that interest rates are at 60 year lows and "junk" rates are at the same level as AAA rates in the late 1990's. Please post for current events and not yesterday's news. GLTA