Fitch: Crown Castle notes BBB-

Fitch Ratings said it assigned a BBB- rating to Crown Castle International Corp.'s offering of senior unsecured notes due 2047.

Crown's long-term issuer default rating is BBB-.

The outlook remains stable.

Crown will use the proceeds from the note offering to finance the acquisition of Wilcon Holdings LLC and to reduce borrowings on its revolving credit facility, Fitch said.

Crown plans to fund a substantial portion of the $600 million acquisition of Wilcon with a recently announced equity offering, the agency said.

The ratings reflect the strong recurring cash flows generated from its leasing operations, robust EBITDA margins and the scale of its tower portfolio, Fitch said.

The company's focus on the U.S. market also reduces operating risk, the agency said.

The tower business model provides considerable stability to operating performance and free cash flow growth, Fitch said.

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