Moody's rates Crown Castle notes B1

Moody's Investors Service said it assigned a B1 rating to the new $500 million of senior notes issued by Crown Castle International Corp.

The proceeds of the notes are expected to be used towards partial repayment of the outstanding 2005 Tower Revenue notes issued by the company's special purpose securitization vehicles and which mature in June 2035, the agency added.

With this new issue essentially a debt-for-debt transaction and hence neutral to Crown Castle's overall credit profile, the Ba2 corporate family and probability of default ratings are affirmed, the agency noted.

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