Moody's is the bond rating agency that rates the safety of Uniti's bonds.
https://www.moodys.com/research/Moodys-announces-completion-of-a-periodic-review-of-ratings-of–PR_413064
They previously downgraded Uniti's bonds to Caa (very bad) based on Windstream's bankruptcy, noting that the 2 company's are so closely intertwined.
Today, they issued a note saying they had reviewed Uniti again.
Key comments:
"The creditworthiness of Uniti Group Inc. (Uniti) is largely determined by that of Windstream Services ...."
" ... While Uniti's lease terms with Windstream may be renegotiated during Windstream's bankruptcy restructuring, we expect Uniti's bargaining position in that restructuring process will be reasonably strong given the importance of its infrastructure assets to Windstream's service operations...."
".... Offsetting these limiting factors are Uniti's stable and predictable revenue, high margins and the strong – as currently written – contract terms within the master lease agreement between it and Windstream's holding company parent, Windstream Holdings, Inc. "
My take is that they think the master lease is on solid legal footing.