Frontier Communications Holdings LLC's Proposed First-Lien Secured Notes Rated 'B' (Recovery Rating: '2')

WASHINGTON D.C. (S&P Global Ratings) March 1, 2023--S&P Global Ratings today assigned its 'B' issue-level rating and '2' recovery rating to Frontier Communications Holdings LLC's proposed $750 million first-lien secured notes due 2031. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. Frontier plans to use the net proceeds from the notes to fund the capital expenditure and operating costs associated with its fiber build, expansion of its fiber customer base, and other general corporate purposes. At the same time, we assigned our 'B' issue-level rating and '2' recovery rating to Frontier's revolving credit facility following its extension of $850 million of the $900 commitment to 2028. The

...March 1, 2023 WASHINGTON D.C. (S&P Global Ratings) March 1, 2023--S&P Global Ratings today assigned its 'B' issue-level rating and '2' recovery rating to Frontier Communications Holdings LLC's proposed $750 million first-lien secured notes due 2031. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. Frontier plans to use the net proceeds from the notes to fund the capital expenditure and operating costs associated with its fiber build, expansion of its fiber customer base, and other general corporate purposes. At the same time, we assigned our 'B' issue-level rating and '2' recovery rating to Frontier's revolving credit facility following its extension of $850 million of the $900 commitment to 2028. The remaining $50 million of the facility that was not extended will mature in 2025. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery. Our 'B'...

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