U.S. telecommunications provider Windstream Holdings Inc. announced that it will spin off a portion of its fiber and copper plant to a REIT in the first quarter of 2015. We are affirming the 'BB-' corporate credit rating on Windstream and placing the 'B' senior unsecured debt rating on CreditWatch with positive implications. The stable outlook reflects our expectation that growth from business services will offset declines in the consumer segment, such that revenue and EBITDA remain steady, enabling the company to use free operating cash flow to reduce debt. On July 29, 2014, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Little Rock, Ark.-based telecommunications provider Windstream Holdings Inc. The outlook is stable. At the same
