TEXT-S&P revises Crown Castle Operating Co. recovery rtg
Dec 14 - Standard & Poor's Ratings Services said today that its issue-level rating on Crown Castle Operating Co.'s secured credit facilities remains unchanged at 'B+', following the company's upsizing of its revolving credit facility to $1.5 billion from $1 billion through an amendment to the credit agreement. However, we revised the recovery rating on the credit facilities to '4' from '3', indicating average (30% to 50%) recovery prospects in the event of a payment default. The revision primarily reflects the larger amount of secured debt at this entity, which results in a higher claim in a default scenario, coupled with less residual value from indirect subsidiary CC Holdings GS V LLC following its recent addition of secured debt which is structurally senior to the Crown Castle Operating Co. secured debt. For the corporate credit rating on parent Houston-based wireless tower operator Crown Castle International Corp. (B+/Stable/--) see the summary analysis published on Oct 24, 2012. For the recovery analysis see the report on Crown Castle International Corp. to be published on RatingsDirect. RELATED CRITERIA AND RESEARCH -- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012 -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011 -- Use Of CreditWatch And Outlooks, Sept. 14, 2009 -- Criteria Guidelines For Recovery Ratings, Aug. 10, 2009 -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 -- 2008 Corporate Criteria: Rating Each Issue, April 15, 2008 -- 2008 Corporate Criteria: Ratios And Adjustments, April 15, 2008 Temporary contact number: Catherine Cosentino (718-744-8383) RATINGS LIST Crown Castle International Corp. Corporate Credit Rating B+/Stable/-- Issue Ratings Unchanged; Recovery Ratings Revised To From Crown Castle Operating Co. Senior Secured Credit Fac. B+ B+ Recovery Rating 4 3 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.