S&P affirms Crown Castle

Standard & Poor's said it affirmed the ratings on Crown Castle International Corp. and its related entities, including its BB corporate credit rating and removed them from CreditWatch, where they had been placed with negative implications on Aug. 4.

The outlook is stable.

The agency said that this action follows the company's Aug. 13 filing of its second-quarter 10-Q. The SEC continues to conduct an informal inquiry into various accounting matters related to the company, including whether grants of stock options may have been backdated.

S&P noted that the rating on Crown Castle reflects its aggressive financial policy, which is the constraint on the rating, adding that this largely tempers the promising prospects of its core wireless tower leasing business, which is expected to generate increasingly stronger levels of net free cash flow after capital expenditures.

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