Credit FAQ: Key Credit Issues For U.S. Wireless Tower Operators Mar 11
Standard & Poors, March 2011
Abstract
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
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Crown Castle International Corp.
- American Tower Corp.
- SBA Communications Corp.
- TowerCo II Holdings LLC
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