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Bond Market News
Frontier Communications Upgraded to BBB+ by S&P and Fitch
January 22, 2026
Frontier Communications was upgraded to BBB+ from B- by S&P and to BB+ from B+ by Fitch. This follows the closing of the merger between Frontier and Verizon Communications, which was completed on 20 January 2026. Frontier’s credit profile is expected to strengthen as part of the investment grade parent (Verizon is rated Baa1/BBB+/A-), with liquidity and leverage risk reducing, they noted. Frontier’s heavy capital intensity and cash burn related to its fiber build-out were negative for the credit profile historically, however, the Verizon acquisition is set to solve its free cashflow issues. Both rating agencies also expect Frontier’s margins to stablize and improve.
Frontier’s bonds were trading stable, with its 6.75% 2029s at 101, yielding 6.4%.
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