Frontier Communications Corporation http://www.alacrastore.com/company-snapshot/Frontier_Communications_Corporation-1003658 Sunday, November 23, 2008 3:35:53 PM 1003658 Frontier Communications Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/684365spcred/684365normThe latest Summary from S&Pglobalstructured11/19/2008 3:34:28 PM175Summary684365United StatesIntegrated Telecommunication ServicesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsTelecommunications & CableSummaryThe ratings on Stamford, Conn.-based Frontier Communications Corp. reflect rising competition from cable telephony and wireless substitution, the lack of a facilities-based video strategy, an aggressive financial policy, and risk to regulatory support. Tempering factors include Frontier Communications' solid position as an incumbent local exchange carrier (ILEC), primarily in less competitive rural areas; relatively stable cash flow and high margins; and growth in high-speed data services, which has helped mitigate revenue declines from line losses. Wireless substitution and cable telephony competition continue to pressure Frontier Communications' customer base. Standard&Poor's Ratings Services believes the company will face greater competition as cable operators continue to deploy less expensive Internet Protocol (IP) telephony service in rural markets. As a result, access-lineUSA17453B17734J17734K17734250101020 501010 5010 50Frontier Communications Corp.100491ASIAEMERGINGEUROMIDAFRLATAMERICAUSACZNSUMMARYGLOBISSSTRUCCORPCDOTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/76782cs/76782norm76782Conference Presentation: Telecom & Suppliers - Recession and Liquidity4344YesD0Article50207011626341333127121452242061944726223208221195131779521877648916419867651964313corphy118193642High Yield95TMT Webcasts & Presentations11/17/2008 9:06:00 PM150This is the presentation file and transcript of Ping Zhao's presentation at CreditSights' conference "Life After Leverage".76782Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/76543cs/76543norm Frontier Communications #Q##: "Exploring Opportunities to Reduce Leverage" Frontier Communications reported a mixed Q#:##, with more negatives than positives. Revenue and margins declined YoY, while access line loss was relatively stable...765431184YesD0Article72698620612241964765218corphy11966Earnings Reports - TMT33Capital Structure42High Yield11/10/2008 9:05:00 PM150Frontier Communications reported Q3:08 which we believe were mixed, with more negatives than positives. However, from a bondholder perspective, we believe the management's focus on reducing leverage is positive.76543Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/76499cs/76499norm Windstream #Q##: Key Takeaways The most important information which emerged from Windstream's Q# earnings call was management's plans to maintain leverage at the current level and keep a higher cash balance. This means that any acquisitions...764991151YesD0Article72698620612241964765218corphy11966Earnings Reports - TMT33Capital Structure42High Yield11/10/2008 12:06:00 AM150The Q3 results were largely mixed, and the most important information which emerged from the earnings call was management's plans to maintain leverage at the current level and keep a higher cash balance.76499Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/76136cs/76136norm Telecom & Suppliers Monthly Summary: November #### We review key themes published in October. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....761362148YesD0Article5020701162127121463472652242061223208294421197653172187767953139861641489196451corphy1191842High Yield33Capital Structure82Telecom & Suppliers Monthly Summary11/3/2008 12:07:35 AM150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of October.76136Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/75613cs/75613norm AT&T #Q##: Margin Pressure! Overall, we believe that the quarter's results were mixed, with more negatives than positives. On the bright side, the company continued to see positive trends in the wholesale business. However, the negative...756131608YesD0Article223726127120612247529867952187651964corp1933Capital Structure66Earnings Reports - TMT10/22/2008 10:05:22 PM150AT&T reported its Q3:08 results, which included continued access line loss, broadband net-adds deceleration, and sharp margin compression, though the company did continue to see some positive trends in its wholesale segment.75613Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/410910_report_framefitch/410910_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Frontier Communications Corporation8009022710/21/2008 2:20:00 PM0103000001030400425Full Rating ReportFTR410910_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/bir/301740bir/301740normFrontier Communications Corp.Gas Co. (Honolulu, Hawaii)Citizens Utilities Co.ALLTEL Tennessee Inc.Commonwealth Telephone Enterprises Inc.Commonwealth CommunicationsCTSI L.L.C.epix Internet Services Inc.Citizens Communications Co.Frontier Corp.United StatesCommunications: Telecommunications services.481351711017HKCZN10/18/2008 6:25:55 AM301740Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/cs/75314cs/75314norm Telecom & Suppliers: CY #Q## Earnings Preview (Part II) In this article, we examine the overall themes and issues for North American wireless and wireline service providers for the upcoming earnings season. Specific companies discussed...corphy225119303G/Wireless Technology33Capital Structure42High Yield66Earnings Reports - TMT10/17/2008 12:06:00 AM150In this article, we examine the issues and themes of the upcoming earnings for North American wireless and wireline carriers.753144086YesD0Article127198620617262249442237652119218795196477675314Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74726cs/74726norm Telecom & Suppliers Monthly Summary: October #### We review key themes published in September. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....747262598YesD0Article127121463416419862061502235224207076511627263174892187762119313517951964corphy1921102727114622536181942High Yield82Telecom & Suppliers Monthly Summary33Capital Structure9/30/2008 11:06:00 PM150We summarize our investment theses for companies under our coverage. In addition we summarize and highlight changes and key points in research published in the month of September.74726Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/405006_report_framefitch/405006_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.General Motors CorporationSears Holdings CorporationAssociates Housing Finance Services, Inc.Rockwood Specialties Group, Inc.Frontier Communications CorporationEnergy Transfer Partners L.P.8103149583359462800890008009022780090392818826159/26/2008 6:32:00 PM010101000103130101031300010304000103000001030300010311000107000001020000275NewsletterSHLDFTRETPGM405006_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/436850_pr_framefitch/436850_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Citizens Utilities TrustCommonwealth Telephone EnterprisesFrontier Communications CorporationMaricopa County Industrial Development Authority, AZ23628008988680090227861347009/19/2008 6:31:00 PM010208000103000001030400040300000403010085Press ReleaseFTR436850_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/74017cs/74017norm US Telecom Service Providers: Takeaways from the #Q## ##Qs In this brief article, we summarize several points and takeaways from the #Q## ##Qs filed by US telecom carriers. We focus on comments included in the #Q filings that were not...2181964corphy119701810-Q Cuts303G/Wireless Technology42High Yield9/11/2008 2:06:00 AM150In this brief article, we summarize several points and takeaways from the 2Q08 10Qs filed by US telecom carriers.740171522YesD0Article2249861271223726765206174017Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73616cs/73616norm Telecom & Suppliers Monthly Summary: September #### We review key themes published in August. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....736161561YesD0Article7952185177621197653174891964313164198612712142070634501162726208222352242061corphy181942High Yield82Telecom & Suppliers Monthly Summary9/1/2008 11:06:44 PM150We summarize our investment theses for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of August.73616Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73295cs/73295norm Frontier Communications #Q## Tearsheet Long term, accelerating access line loss and decelerating broadband growth spell a challenge for the revenue outlook. Although the company expects cost reduction, we believe that the revenue mix...73295563YesC21Tearsheet986tearsheets/premium198/20/2008 1:05:59 PM15073295Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73329cs/73329norm Telecom & Suppliers CY#Q## Review: A Sigh of Relief for Tech; Mixed for Telcos The quarter brings, for the most part, a sigh of relief to tech companies, as the macro environment and demand have not deteriorated much from the prior...733293708YesD0Article2146345016412061127120702082522411627262233132187762119986517953171964765489corphy22511918303G/Wireless Technology33Capital Structure42High Yield66Earnings Reports - TMT8/20/2008 10:09:29 AM150With CY Q2:08 earnings wrapping up, we comment on some of the key themes and issues which surfaced from the earnings reports, including economic effects and the relationships among various parts of the value chain.73329Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73003cs/73003norm Windstream #Q##: Key Takeaways We believe the Q# results were very solid, featuring relatively stable recurring revenue excluding one time items, improvement in the access line loss trend, and increasing margins YoY. The company did...YesD0Article72698620612241964765218corphy11966Earnings Reports - TMT33Capital Structure42High Yield8/11/2008 12:07:16 AM150Windstream reported its Q2:08 results, which we believe were very solid. Additionally, management made some comments about leverage and M&A, which we look at in the article.73003162773003Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72861cs/72861norm Qwest #Q##: Lowering Guidance Qwest reported a largely bad Q#:## results and lowered its guidance for the year, as it expects the pressure on its Mass Markets segment to continue. Mass Markets revenue contributed to the Q# YoY revenue...728611490YesD0Article72698620612241964765218corphy11966Earnings Reports - TMT33Capital Structure42High Yield8/6/2008 11:06:34 PM150Qwest reported a largely bad quarter and lowered its guidance for the year, as it expects the pressure on its Mass Markets segment to continue. We comment on implications.72861Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72747cs/72747norm Frontier Communications #Q##: Key Takeaways Frontier Communications (formerly Citizens Communications)  reported solid Q#:## results. Despite the "challenging economic environment," management cited positive economic trends, including...hy1727471457YesD0Article72698620612241964765218corp1966Earnings Reports - TMT33Capital Structure42High Yield8/5/2008 11:05:04 PM150Frontier Communications reported its Q2:08 results, and we comment on some of the themes and issues, including management's approach to M&A and leverage.72747Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/663227spcred/663227normThe latest Summary from S&Pglobalstructured8/4/2008 1:28:00 PM175Summary663227United StatesIntegrated Telecommunication ServicesUnited StatesAsiaEmerging MarketsLatin AmericaEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsTelecommunications & CableSummaryThe ratings on Stamford, Conn.-based Citizens Communications Corp. reflect rising competition from cable telephony and wireless substitution, the lack of a facilities-based video strategy, an aggressive financial policy, and longer term risk to regulatory support. Tempering factors include Citizens Communications' solid position as an incumbent local exchange carrier (ILEC), primarily in less competitive rural areas; relatively stable cash flow and high margins; and growth in high-speed data services, which has helped mitigate revenue declines from line losses. Wireless substitution and cable telephony competition continue to pressure Citizens Communications' customer base. Standard&Poor's Ratings Services believes the company will face greater competition as cable operators continue to deploy less-expensive Internet Protocol (IP) telephony service in rural markets. As a result,USA17453B17734J17734K17734250101020 501010 5010 50Frontier Communications Corp.100491USAASIAEMERGINGLATAMERICAEUROMIDAFRCZNSUMMARYGLOBISSSTRUCCORPCDOTelecommunicationsCredit & Investment ResearchS&P Credit Research