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S&P downgrades Cincinnati Bell amid economic uncertainty

S&P Global Ratings lowered its issuer credit rating on Cincinnati Bell Inc. to B- from B and removed all ratings from CreditWatch, where they were placed with negative implications on Dec. 26, 2019.

The rating agency expects that the economic impact of the COVID-19 pandemic will make it difficult for the company to maintain adjusted leverage below its downgrade threshold of 5.5x in 2020.

S&P also downgraded the issue-level ratings on Cincinnati Bell's senior secured debt to B+ from BB- and senior unsecured debt to CCC+ from B-.

Concurrently, the issue-level rating on the company's convertible preferred stock was lowered to CCC- from CCC.

The outlook on Cincinnati Bell is stable, reflecting the rating agency's expectation that adjusted leverage will be in the mid-5x area over the next year.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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