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" ... It is important to remember that the currently rated B3 issuances primarily received this rating at inception rather than after a downgrade. “Despite their risky credit profiles, they have more flexible credit protections in loan agreements and bond indentures than in the past.” What this means is that the flexibility could allow some companies to postpone or avoid default. However, during an economic or market downturn, a decrease in equity values or tightening credit conditions could push many of these issuers down to the Caa1 and below categories. “These factors heighten default risk given such companies' limited free cash flow generation and refinancing requirements. Weaker capital structures (higher proportion of first lien debt) are likely to drive recoveries lower.” ... "
" ... Windstream is an old-line telecom operator which came up with a novel solution to raise some cash a few years ago. It spun off its network assets—transmission lines and towers—into a newly formed REIT called Uniti. It then leased them back via a triple net lease agreement. Windstream agreed to pay Uniti monthly rent and be totally responsible for the network’s upkeep. The spinoff gave Windstream enough cash to acquire internet service provider Earthlink a year later for $1.2 BN. Unfortunately, it all fell apart after Aurelius Capital filed a suit claiming that the spinoff was a breach of Windstream’s bond indentures. A few days after the judge ruled in Aurelius’ favor this year, Windstream filed Chapter 11. ... "