Moody's rates SBA Communications notes B2

Moody's Investors Service said it assigned a B2 rating to SBA Communications Corp.'s proposed $300 million senior unsecured notes due 2019.

The agency also upgraded SBA's speculative grade liquidity rating to SGL-2 from SGL-3 to reflect the company's improved liquidity profile following this note issuance and the string of financings earlier this year.

Moody's also affirmed the corporate family rating and probability of default rating, both at Ba3, as well as the ratings on the existing debt at SBA Senior Finance II LLC and SBA Telecommunications, Inc., two indirect wholly-owned subsidiaries of SBAC. The outlook is negative.

The corporate family rating reflects the company's high-adjusted debt to EBITDA leverage relative to peers, which is due in large part to debt-financed acquisitions, capital expenditures and increased stock buybacks.

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