...- U.S. diversified telecommunications provider GCI LLC's S&P-adjusted leverage is elevated for the rating following weaker-than-expected operating performance in the first quarter of 2019, on the heels of a Rural Health Care (RHC) rate reduction in the third quarter of 2018. - We lowered our issuer credit rating on GCI to 'B-' from 'B' and removed it from CreditWatch, where we had placed it with negative implications on Nov. 14, 2018. The outlook is negative. - At the same time, we lowered the issue-level rating on GCI's secured debt facilities to 'B+' from '##-'. The recovery rating remains '1'. - We also lowered the issue-level rating on GCI's unsecured debt to 'B' from 'B+'. The recovery rating remains '2' (capped). - The negative outlook reflects the possibility of a downgrade over the next 12 months if GCI is unable to offset lost high-margin revenue from RHC subsidies with growth in its various business lines, such that its liquidity position deteriorates and its capital structure...
