Moody's ups SpectraSite, rates loans Ba3

Moody's Investors Service said it upgraded the senior implied rating of SpectraSite Inc. to Ba3 from B1 and the company's senior unsecured debt ratings, including its $200 million 8¼% senior notes due 2010, to B2.

Moody's also assigned a Ba3 rating to the proposed $900 million in senior secured credit facilities of SpectraSite Communications.

The outlook is positive.

Moody's said the upgrade reflects the strong and consistent cash flow growth, both historical and projected, of the company as well as the expiration last August of a significant tower purchase commitment that went substantially unutilized.

The rating reflects the strong financial profile of the company, with substantial free cash flows and very good liquidity, combined with the low business risk of the communications tower leasing business model, according to Moody's.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.