Fitch rates Frontier notes BB+

Fitch Ratings said it assigned a BB+ rating to Frontier Communications Corp.'s proposed offering of $500 million of senior unsecured notes due 2023.

The proceeds will be used for debt reduction or general corporate purposes.

The company has an issuer default rating of BB+.

The outlook is stable.

The ratings reflect the meaningful improvement in its credit profile following the acquisition of access lines in 14 states from Verizon in July 2010, Fitch said.

Frontier has articulated a long-term leverage target of about 2.5x, the agency said.

Ongoing competitive pressures also are factored into the ratings, Fitch said.

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