NEW YORK (S&P Global Ratings) Oct. 4, 2021--S&P Global Ratings today assigned its 'CCC+' issue-level rating and '5' recovery rating to Frontier Communications Holdings LLC's proposed $1 billion second-lien secured notes due 2030. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. The company plans to use the net proceeds from these notes to fund the capital investments (capex) and operating costs associated with the upgrade of its network to fiber-to-the-home (FTTH) and for other general corporate purposes. The 'B+' issue-level rating and '1' recovery rating on Frontier's existing first-lien debt are unchanged. However, we now expect modestly higher recovery prospects for first-lien creditors because we raised our
