Fitch changes Crown Castle view

Fitch Ratings said it affirmed Crown Castle Inc.'s long-term issuer default rating and unsecured debt ratings at BBB+.

The outlook has been revised to negative from stable.

The agency said the outlook revision reflects an expectation that the company’s EBITDA net leverage will remain near 6x, above the 5.5x negative sensitivities for the current rating, over the next 18-24 months.

However, there are certain one-time items such as Sprint churn, and non-cash items impacting revenue in 2024 and 2025, and Fitch expects revenue growth to return to low to mid-single digits beyond 2025, the company said.

Moreover, with recent changes to management, Fitch said it expects there will better clarity on the company's management and financial strategy going forward.

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