S&P rates SBA B+, notes BB

Standard & Poor's said it assigned its BB rating and 1 recovery rating to SBA Telecommunications Inc.'s proposed $500 million of unsecured notes, consisting of $250 million due in 2016 and $250 million due in 2019.

Proceeds will be used for the repayment of debt and for general corporate purposes, the agency said.

The agency said it also assigned a B+ corporate credit rating to SBA Communications Corp.

The outlook is stable.

"The rating reflects the company's highly leveraged capital structure and large refinancing risk in the 2011 timeframe," said credit analyst Catherine Cosentino.

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