U.S. telecommunications provider Windstream Holdings Inc.'s operating performance continues to weaken as a result of ongoing competitive pressures in its consumer business and slower ramp-up of its enterprise business. We expect weak operating trends to continue, which could heighten refinancing risk regarding its 2020 and 2021 maturities unless it is able to stabilize performance. We are lowering the corporate credit rating on Windstream Holdings Inc. to 'B' from 'B+'. We are also lowering the rating on wholly-owned subsidiary Windstream Services LLC's senior unsecured debt to 'B' from 'B+' and the rating on its senior secured debt to 'BB-' from 'BB'. The negative outlook reflects continued uncertainty about performance stemming from intense competition from cable providers and low visibility into the
