...NEW YORK (Standard & Poor's) April 1, 2016--Standard & Poor's Ratings Services today said its issue-level rating on trading-based fiber infrastructure and colocation provider Zayo Group LLC's (B/Stable/--) 6.375% senior unsecured notes due 2025 remains 'B-' with a recovery rating of '5' following the upsizing of this debt to $550 million from $350 million. The '5' recovery rating indicates our expectation for modest recovery (10% to 30%; lower half of the range) in the event of payment default. We expect Zayo to use the proceeds from the add-on to pay off its remaining 2020 10.125% bonds and pay down a portion of its term loan due 2021. In addition, the rating on the company's senior secured debt remains '##-' with a recovery rating of '1.' The '1' recovery rating indicates our expectation for very high recovery (90% to 100%) in the event of payment default. Our corporate credit rating on Boulder, Colo.-based Zayo Group LLC remains 'B' with a stable outlook. We do not expect adjusted debt...
