S&P downgrades Windstream credit on exchange offer
Jun. 19, 2018 4:16 PM • Jason Aycock
Windstream Holdings (NASDAQ:WIN) finished the regular session up 2%, but S&P has now downgraded the company's rating to CC from B-, with a negative outlook.
It's basing that on the stance that Windstream's recent exchange offer is a distressed transaction, with investors getting less than face value.
The negative outlook suggests that a completed exchange would have S&P reducing the corporate credit rating to SD and ratings on affected issues to D.