Research Update: SBA Communications Corp. Subsidiary's Proposed Term Loan B Assigned 'BB' Rating (Recovery Rating: 1) Jun 11

Standard & Poors, June 2011

Abstract
A subsidiary of U.S. wireless tower operator SBA Communications Corp. is planning to issue a $500 million term loan B, using the proceeds to repay borrowings under its revolving credit facility and for general corporate purposes. We are assigning a 'BB' issue-level rating to the proposed term loan B, with a '1' recovery rating. With the addition of $500 million of secured debt, we are lowering our issue-level rating on subsidiary SBA Telecommunications Inc.'s senior unsecured debt to 'B+' from 'BB-', revising the recovery rating to '4' from '2'. We are also affirming our 'B+' corporate credit rating on the company. The stable outlook incorporates the view that, given the company's very high debt to EBITDA of 9.5x as of...

Companies mentioned in this report are: SBA Communications Corp.,SBA Telecommunications Inc.,SBA Senior Finance II LLC
Action: Affirmed
Action: Downgraded
Action: New Rating

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

SBA Communications Corp.,SBA Telecommunications Inc.,SBA Senior Finance II LLC

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