Moody's Investors Service (Moody's) has assigned a Caa1 to Uniti Group Inc.'s (Uniti) proposed $1.75 billion senior secured notes due 2025 (Secured Notes), in line with existing senior secured debt. All other ratings including the company's Caa2 corporate family rating (CFR) and negative outlook are unchanged. Uniti's Caa2 CFR primarily reflects the uncertainty of future cash flows under a master lease agreement from assets the company leases to Windstream Holdings, Inc (Windstream), parent of Windstream Services, LLC (ratings withdrawn).

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Uniti Group Inc. New York, November 12, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Uniti Group Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.

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