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S&P cuts Crown Castle unit’s secured debt
S&P said it has reviewed its senior secured issue-level ratings on the debt of Crown Castle International Corp. subsidiaries CC Holdings GS V LLC and Crown Castle GS III Corp. that were labeled as "under criteria observation" (UCO) after publishing its revised issue ratings criteria, "Reflecting Subordination Risk In Corporate Issue Ratings," on Sept. 21, 2017.
With the criteria review complete, S&P said it is removing the UCO designation from these ratings and is lowering the issue rating on the $1 billion of senior secured debt issued by CC Holdings GS V LLC and Crown Castle GS III Corp. to BBB- from BBB.
“These rating actions stem solely from the application of our revised issue rating criteria and do not reflect any change in our assessment of the corporate credit ratings for issuers of the affected debt issues,” S&P said in a news release.
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