Fitch lifts Crown Castle to positive

Fitch Ratings said it has affirmed the issuer default ratings of Crown Castle International Corp. and its subsidiaries at BB.

In addition, Fitch has affirmed the long-term debt ratings of Crown and its subsidiaries as follows:

• Crown Castle International’s issuer default rating at BB and senior unsecured debt at BB-;

• Crown Castle Operating Co.’s issuer default rating at BB and senior secured credit facility at BB+; and

• CC Holdings GS V LLC’s issuer default rating at BB and senior secured notes at BBB-.

The outlook has been revised to positive from stable.

According to the agency, 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 over time as a result of new lease-up opportunities and the scale of its tower portfolio.

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