On Feb. 25, 2019, U.S.-based telecommunications provider Windstream Holdings Inc. and its subsidiaries filed for voluntary Chapter 11 bankruptcy protection. We are lowering our issuer credit rating to 'D' (default) from 'CCC-'. At the same time, we are lowering our issue-level ratings on Windstream's first-lien debt to 'D' from 'CCC+', second-lien debt to 'D' from 'CC', and senior unsecured debt to 'D' from 'C'. The rating action follows Windstream's announcement that it filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The bankruptcy filing follows the acceleration of Windstream's debt as a result of a recent court ruling that the company breached its sale and leaseback covenant when it spun off a portion of its fiber
