TEXT-S&P rates CC Holdings GS V notes 'BB'
Dec 11 - Standard & Poor's Ratings Services said today that it assigned its 'BB' issue level rating and '1' recovery rating to Crown Castle International Corp.'s (B+/Stable/--) subsidiary CC Holdings GS V LLC's proposed notes issuances. The issuances total $1.5 billion, and consist of $1 billion due 2023 and $500 million due 2017. CC Holdings will use the proceeds to complete a tender for existing notes at the entity, as well as to repay indebtedness at parent Crown Castle International Inc. The corporate credit rating and stable outlook on Crown Castle remain unchanged and reflect the company's "strong" business risk profile and "highly leveraged" financial risk profile. RATINGS LIST Crown Castle International Corp. Corporate Credit Rating B+/Stable/-- CC Holdings GS V LLC Crown Castle GS III Corp. $500 mil notes due 2017 BB Recovery Rating 1 $1 bil notes due 2023 BB Recovery Rating 1 *