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S&P ups Crown Castle
Standard & Poor's said it raised its ratings on Crown Castle International Corp. The corporate credit rating was raised to B from B-.
All ratings were removed CreditWatch positive, where they were placed June 28, 2004. The outlook is stable.
S&P said the upgrade reflects the fact that Crown Castle did indeed apply the bulk of the U.K. sale proceeds to debt reduction. As a result, debt to EBITDA (including preferred stock and on a lease-adjusted basis) is expected to be in the high 7x area for 2005, substantially down from 10.1x for 2003.
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