...Fitch downgraded the ratings for the hybrid securities of CPF to `C/RR6' from `CC/RR6' to reflect that CPF has deferred on its dividend payments for its hybrid securities, including its $135 million of preferred stock issued to the U.S. Treasury as part of the capital purchase program (CPP). All other Fitch ratings for CPF (IDR of `CCC') are unaffected by this action. Fitch indicated in its Aug. 6, 2009 rating action commentary that the deferral of dividends on CPF's hybrid securities could be imminent. Further, while the hybrids are structured to be deferrable and thus not in default, Fitch considers the deferral to be non-performance, which translates into a `C' rating classification. Fitch has maintained a recovery rating of `RR6' on the preferred and trust preferred securities of CPF. The `RR6' rating implies recovery between 0%¡ 10% on these issues should the issuer fail or default. Contacts: Kenneth Ritz, +1 212 908-0368, New York Sharon Haas, +1 212 908-0362, New York Cincinnati...
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| Report Type: | Newsletter
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| Company(ies): | Affiliated Computer Services, Inc., Bally Technologies Inc, Centennial Communications Corporation, Central Pacific Financial Corp., Cincinnati Bell Inc., Cogeco Cable Inc., Conseco Insurance Company, Constellation Energy Group, Inc., Eastman Kodak Company, FairPoint Communications, Inc., Fidelity National Financial, Inc., Fidelity National Information Services Inc, Frontier Communications Corporation, Graham Packaging Company, L.P., L-3 Communications Holdings, Inc., Level 3 Communications, Inc., Mediacom Communications Corporation, Saks Incorporated, Solo Cup Company, Star Gas Partners, L.P.
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| Ticker(s): | ACS , BYI , CBB , CCA , CEG , CPF , CYCL , EK , FIS , FNF , FRP , FTR , LLL , LVLT , MCCC , SGU , SKS , TDG , TRA , WIN
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| Issuer: | Windstream Corporation
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| Free Sample: |
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| Format: | | PDF |  |
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