Moody's Investors Service, (Moody's) has upgraded Uniti Group Inc.'s (Uniti) corporate family rating (CFR) to B3 from Caa2, probability of default rating (PDR) to B3-PD from Caa2-PD, senior secured debt rating to B2 from Caa1 and unsecured debt rating to Caa2 from Ca. The upgrade of the CFR and stable outlook reflect the improved financial flexibility of Uniti's primary customer, Windstream Services, LLC (Windstream, B3 stable), following Windstream's September 2020 exit from bankruptcy and balance sheet restructuring.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Uniti Group Inc. New York, September 28, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Uniti Group Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service (Moody's) has assigned a B3 corporate family rating (CFR) and a B3-PD probability of default rating to Windstream Services, LLC (New) (Windstream) in connection with its post-bankruptcy exit financing. Moody's has also assigned a Ba3 rating to Windstream's proposed $500 million super-senior revolving credit facility, and a B3 rating to proposed first lien debt totaling $2.15 billion, which will be comprised of some combination of a seven-year first lien term loan and eight-year senior first lien notes.