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)
Crown Castle International Corp.
Corporate Credit Rating B+/Stable/--
Issue Ratings Unchanged; Recovery Ratings Revised
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