Moody's rates Crown Castle Ba3, notes B1

Moody's Investors Service said it assigned B1 ratings (LGD5, 79%) to senior unsecured notes issued by Crown Castle International Corp.

The agency assigned Ba3 corporate family and probability-of-default ratings.

The outlook is negative.

Proceeds will most likely be used to repay outstanding debt that is scheduled to mature within the next three years.

The company's senior secured credit facilities were upgraded to Ba1 (LGD2, 24%) from Ba3 (LGD3, 48%), as the new unsecured debt issue is structurally and contractually junior to the senior secured credit facilities and provides increased loss absorption in the overall waterfall of debts, while the expected prepayment of tower mortgage notes will provide more cash flows to the non-structured debt obligations.

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