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Recovery Report: Crown Castle International Corp.?s Recovery Rating Profile Jan 12 Product Image

Recovery Report: Crown Castle International Corp.?s Recovery Rating Profile Jan 12

  • ID: 2041268
  • January 2012
  • Region: Global
  • Standard & Poors

Abstract
We are assigning issue-level and recovery ratings to 's Crown Castle International Corp. (CCIC) proposed $3.1 billion senior secured credit facilities. The company will use proceeds to repay about $870 million of existing secured indebtedness and fund the $1 billion purchase price of distributed antennae system (DAS) operator NextG Networks. Standard & Poor's Ratings Services' simulated default scenario contemplates Crown Castle changing its investment philosophy and aggressively building towers on a speculative basis and for which demand does not materialize. In the event of a default, we would expect the company to reorganize rather than liquidate, and have valued the enterprise accordingly in arriving at our recovery valuation. The loan agreement will allow the company to incur additional pari passu...

Companies mentioned in this report are:
- Crown Castle International Corp.
- Crown Castle Operating Co.

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: Full Analysis

Note: Product cover images may vary from those shown

- Crown Castle International Corp.
- Crown Castle Operating Co.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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