Wells Fargo analyst Jennifer Fritzsche downgraded Frontier Communications (FTR) to Underperform and lowered her price target for the shares to $1.75 from $5.00. The analyst also downgraded the Rural Local Exchange Carrier sector to Underweight from Market Weight. Frontier has reportedly been working with an advisor on how it might handle upcoming debt maturities, Fritzsche tells investors in a research note. The debt seems to be pricing in a looming restructuring, which "could cause a scar on the RLEC industry," adds the analyst. Fritzsche remains concerned about Frontier's near term balance sheet obligations and believe "this is very much a debt story at this point."