Fitch ups Crown Castle

Fitch Ratings said it upgraded Crown Castle International Corp.'s long-term issuer default rating and senior unsecured notes and credit facilities ratings to BBB+ from BBB. Also, Fitch upgraded the IDR and senior secured ratings of CC Holdings GS V LLC to BBB+ from BBB.

“The upgrade reflects the prospects for the wireless industry's continued strong demand for capacity on Crown Castle's towers, small cells, and fiber networks to support mobile broadband data growth. In addition, the upgrade is based on expectations that the company in the long term will maintain net leverage (net debt/operating EBITDA) around 5x going forward,” Fitch said in a press release.

The outlook is stable.

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