Despite sequential improvement in U.S. telecommunications provider Windstream Holdings Inc.'s revenue and EBITDA, we believe secular pressures will make it challenging for the company to reduce leverage longer term. We are lowering our corporate credit rating and senior unsecured debt rating to 'B+' from 'BB-'. We are also lowering the senior secured debt rating to 'BB' from 'BB+'. The stable outlook reflects our expectation that some debt repayment will at least partially offset declining revenue and lower levels of EBITDA such that adjusted debt to EBITDA will remain in the mid- to high-5x area over the next year. On Nov. 6, 2015, Standard&Poor's Ratings Services lowered its corporate credit rating on Little Rock, Ark.-based Windstream Holdings Inc. to
