S&P Places Frontier Communications (FTR) Ratings on CreditWatch Negative

November 4, 2016 1:31 PM EDT

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S&P Global Ratings today said it placed its ratings on Frontier Communications Corp. (Nasdaq: FTR), including the 'BB-' corporate credit rating, on CreditWatch with negative implications.

"The CreditWatch placement reflects a trend of weak operating and financial performance primarily due to lower revenue from the acquired Verizon properties in California, Texas, and Florida," said S&P Global Ratings credit analyst Scott Tan.

We expect to resolve the CreditWatch placement over the next few months, after assessing the company's ability to reverse its weak financial performance, including its strategy to reduce churn and drive broadband and video customer growth, while improving margins and free operating cash flow generation, the latter of which is particularly important given its large common dividend.

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