Moody’s lifts Crown Castle

Moody’s Investors Service said it upgraded Crown Castle International Corp.’s senior unsecured rating to Ba1 from Ba3, senior unsecured shelf rating to provisional Ba1 from provisional Ba3 and senior subordinate shelf rating to provisional Ba2 from provisional B1.

The agency also said it affirmed Crown Castle’s corporate family rating at Ba1 and revised the outlook to positive from stable.

Moody’s also said it affirmed CC Holdings GS V LLC’s senior secured notes rating at Baa2 with a stable outlook.

All ratings are subject to the execution of the credit-facility refinancing as currently proposed, the agency said.

The Ba1 rating and stable outlook on the company’s existing senior secured credit facility at Crown Castle Operating Co. is unchanged and will be withdrawn upon repayment and cancellation of the credit facilities.

The rating actions follow news that Crown Castle is refinancing its existing secured credit facility at Crown Castle Operating with a new unsecured credit facility at its holding company, Crown Castle International.

A successful refinancing of its bank facility, while not completely eliminating rating concerns, will significantly alleviate them, Moody’s said.

The refinancing demonstrates Crown Castle International’s commitment to improving its balance sheet and credit profile by significantly reducing the complexity and structural subordination within its capital structure, the agency said.

The ratings also reflect the company’s position as one of the leading independent provider of wireless infrastructure in the United States, good geographic diversification within the domestic market and ample liquidity, Moody’s said.

These credit strengths are counterbalanced by the its material share of secured debt in its capital structure, the agency said, and structural subordination that could still remain a credit challenge.

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