S&P trims Frontier Communications ratings, expecting overhaul

  • S&P has cut its credit ratings on Frontier Communications (NASDAQ:FTR), noting that with turnaround specialists on the board, it's more likely that the company will look at an overhaul that could include a distressed exchange, restructuring or bankruptcy.
  • It's cut its long-term issuer credit rating and issue-level rating to CCC from CCC+, with a negative outlook. It's also trimmed its rating on senior secured first- and second-lien debt to B- from B.
  • "Notwithstanding its favorable near-term liquidity position," the company will likely look at options "given the business’ downward trajectory and inability to refinance looming unsecured debt maturities in 2022, which are trading at deeply distressed levels,” S&P says.
  • Source: Bloomberg
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