Recovery Report: Frontier Communications Corp.'s Recovery Rating Profile Jan 13
- ID: 2386677
- January 2013
- Standard & Poors
Standard & Poor's Ratings Services has updated its recovery analysis on Stamford, Conn.-based communications services provider Frontier Communications Corp. as part of ongoing surveillance, incorporating the recent lowering of the corporate credit rating to 'BB-'. While the recovery ratings remain unchanged following our review, we have revised the issue-level ratings to reflect the lower corporate credit rating. Our recovery analysis incorporates a simulated default scenario that contemplates a payment default occurring in 2017 caused by much greater-than-anticipated access-line losses, reducing the company's cash flow and liquidity and resulting in a payment default. The indentures for Frontier's various note issuances contain covenants which, among other things, limit its ability to incur indebtedness at its subsidiaries, create liens securing indebtedness, and merge...
Companies mentioned in this report are:
- Frontier Communications Corp.
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Research Type: Full Analysis