Fitch rates Crown notes BB-

Fitch Ratings said it assigned a BB- rating to Crown Castle International Corp.'s proposed $1 billion senior notes offering due 2022.

The company's issuer default rating is BB; the credit facility and term loans are rated BB+; and CC Holdings GS V LLC's senior secured notes are rated BBB-.

The outlook is stable.

Proceeds will be used to fund a tender offer for $861 million principal amount of 9% senior notes due 2015.

Crown's ratings are supported by the strong recurring cash flows generated from its leasing operations, the robust EBITDA margin that should continue to increase through new lease-up opportunities and the scale of its tower portfolio, the agency noted.

The company's pro forma leverage was about 6.2 times. Fitch said it expects Crown to delever through cash flow growth and potentially some debt reduction going forward. Leverage at the end of 2012 is expected to remain elevated in the upper 5x range, similar to levels at the end of 2010, the agency said.

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