The ratings on Louisville, Colo.-based Zayo Group LLC reflect its highly leveraged capital structure, aggressive acquisition and capital investment strategy, and significant competition among fiber-based bandwidth providers. We expect Zayo's capital expenditures to remain very high as it seeks to expand its fiber-to-the-tower and dark fiber businesses, which could prevent free operating cash flow (FOCF) generation from turning positive over the next few years. Tempering factors include our expectation for continued strong demand for data transport services, a recurring revenue stream with over $1.1 billion in committed revenue under contracts with on average 40 months of remaining term, and the company's niche position within the metro data transport sector serving smaller, less competitive markets. We view Zayo's capital structure as
