Standard&Poor's Ratings Services derives its 'BB-' rating on Windstream Holdings Inc. from: Our anchor of 'bb-', based on our "fair" business risk and "aggressive" financial risk profile assessment for the company. Analytical modifiers, which had no impact on the rating outcome. Solid, albeit weakening, position as a provider of local and long-distance telecommunications services in less-competitive rural markets. Modest growth from data services. Solid EBITDA margin relative to peers. Significant competition from cable telephony and wireless substitution, resulting in ongoing access line losses. Aggressive shareholder-oriented financial policy, including a substantial dividend payout ratio, which constrains leverage improvement. Leverage of around 4x and ratio of discretionary cash flow (DCF) to debt of below 5%, both of which are supportive
