...- While U.S.-based telecommunications service provider Connect Holding II LLC (Brightspeed) improved its liquidity position with its debt restructuring, we believe its capital structure remains unsustainable given our expectation for limited earnings growth and significant free operating cash flow (FOCF) deficits over the next several years. - We raised our issuer credit rating on Connect Holding to '###+' from '##' (selective default). - We assigned a 'B-' issue-level rating and '2' recovery rating to the company's $270 million first-lien, first-out revolver due in 2031 and $2.9 billion first-lien, first-out, delayed-draw term loan due in 2031. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a default. - We assigned a '###-' rating and '6' recovery rating to the $2.5 billion first-lien, second-out term loan due in 2031. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate:...
