New York, March 31, 2015 -- Moody's Investors Service has assigned a B1 corporate family rating (CFR) and B1-PD probability of default rating (PDR) to Communications Sales & Leasing, Inc ("CS&L" or "the company") following its creation and spin from Windstream Holdings, Inc. ("Holdco"). Moody's has also assigned a B3 (LGD5) rating to CS&L's proposed $1.11 billion senior unsecured notes and Ba3 (LGD3) ratings to the proposed $540 million senior secured notes and $2.5 billion senior secured 1st lien credit facilities, which consist of a $2 billion term loan and a $500 million revolver. The proceeds from the debt offering will be used to finance a $2.5 billion debt-for-debt exchange with Windstream Services, LLC ("Windstream") and CS&L's required $1.05 billion basis debt distribution. As part of the rating action, Moody's has also assigned a SGL-2 speculative grade liquidity rating to CS&L. The outlook is stable.

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