S&P revises SBA recovery on notes to 3

Standard & Poor's said it revised its recovery rating on SBA Telecommunications Inc.'s senior unsecured notes to 3 from 4. The B+ issue-level rating on the notes remains unchanged.

The 3 recovery rating indicates expectations of meaningful (50% to 70%) recovery in the event of a payment default.

The revised recovery rating reflects S&P's assessment that there will be less senior secured debt outstanding at the time of the agency's simulated bankruptcy, following the company's recently announced repayment of about $500 million of term loan borrowings.

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