Standard & Poor's Ratings Services rates four U.S. wireless tower operators within its Corporate Ratings group. These include American Tower Corp. (rated 'BB+' with a stable rating outlook), Crown Castle International Corp. (B+/Stable), SBA Communications Corp. (B+/Stable), and TowerCo II Holdings LLC (B/Stable). We consider these operators to have investment-grade business risk profiles, while their financial policies tend to be fairly aggressive. We consider the business risk strong for three of the four rated tower operators (American Tower, Crown Castle, and SBA). Only TowerCo has a marginally lower business risk profile, at satisfactory. (See "Business Risk/Financial Risk Matrix Expanded," May 27, 2009, for Standard & Poor's methodology in assessing business and financial risk.) This different business risk assessment is partly...
Companies mentioned in this report are:
- Crown Castle International Corp.
- American Tower Corp.
- SBA Communications Corp.
- TowerCo II Holdings LLC
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Research Type: Commentary
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