Standard & Poor's Ratings Services lowered its ratings on Stamford, Conn.-based telecommunications service provider Citizens Communications Co. to 'BB' from 'BB+' with a stable outlook.
Total debt outstanding was about $4.75 billion as of March 31.
"The downgrade reflects credit measures that are weak for the previous rating," said S&P credit analyst Allyn Arden. "Moreover, we do not expect any material improvement in key credit measures over the next couple of years given our expectations for continued access line erosion and slower growth of digital subscriber line (DSL) services."
