S&P puts Citizens Communications on negative watch

Standard & Poor's said it placed its ratings on Citizens Communications Co., including the BBB corporate credit rating and senior unsecured debt rating, on CreditWatch with negative implications.

S&P said the action follows the company's announcement that it has decided to explore strategic alternatives and to retain a financial adviser to assist in the process. Citizens did not disclose any potential plans in its announcement.

S&P said it is concerned that pressure from limited internal growth opportunities and longer-term competitive risks could result in potential transactions that adversely affect the credit profile by changing the company's ownership, strategic direction, or capital structure. S&P said it will monitor company developments and could revise the CreditWatch listing if Citizens provides more details on its strategic plans.

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