S&P Global Ratings lowered Uniti Group Inc.'s issuer credit rating to CCC+ from B-, following the downgrade of Uniti's primary tenant, Windstream Holdings Inc.
The outlook is developing.
S&P sees the credit quality of the telecom real estate investment trust as closely linked to that of Windstream, which accounts for a majority of Uniti's revenue and cash flow.
The rating agency also attributed the downgrade to the risk associated with the tenant's ongoing weak operating and financial performance, and its ability to address upcoming debt maturities.
The outlook reflects the likelihood that S&P may raise or lower Uniti's rating depending on Windstream's ability to address near-term maturities.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.