U.S. telecommunications provider Windstream Holdings Inc. has signed an agreement to acquire EarthLink Holdings Inc. for about $673 million in an all-stock transaction. Windstream expects to refinance around $450 million of debt at EarthLink. We are affirming the 'B+' corporate credit rating on Windstream Holdings Inc. We are also affirming the 'BB' senior secured debt rating and 'B+' unsecured debt rating at wholly-owned subsidiary Windstream Services. The stable outlook reflects our expectation that pro forma adjusted debt to EBITDA will be around 5x over the next year despite our expectation for ongoing revenue declines and some margin pressure. On Nov. 7, 2016, S&P Global Ratings affirmed its 'B+' corporate credit rating on Little Rock, Ark.-based Windstream Holdings Inc. The outlook
