UPDATE: Morgan Stanley Downgrades Windstream on Rising Concerns for Dividend Sustainability

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In a report published Friday, Morgan Stanley analyst Simon Flannery downgraded the rating on

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Windstream

(NASDAQ: WIN) from Equal-Weight to Underweight.In the report, Morgan Stanley noted, “The market is partially pricing in a dividend cut for Windstream, raising the question if management should cut the dividend when they are not getting credit for it. While management has demonstrated a strong commitment to the dividend, we believe that soft quarterly results, rising cash taxes, and debt obligations may pressure the Board to consider cutting the dividend in February 2014. Possible wildcards include the extension of bonus depreciation, or being the target of M&A.”Windstream closed on Thursday at $8.17.