S&P may cut Crown Castle unsecured debt rating

AP News
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Posted: Dec 23, 2009 4:52 PM

Standard & Poor's Ratings Services said Wednesday it expects to lower its rating on Crown Castle International Corp.'s unsecured debt in January, when the cell phone tower operator's available revolving credit will increase to $400 million from $188 million.

Crown Castle announced the changes to its revolving credit facility earlier in the day.

S&P put its "B+" issue rating on CreditWatch with negative implications, and said it expects to lower the rating to "B" from "B+." A "B" rating is a non-investment-grade rating that indicates a frequently changing financial situation.

The increase in revolving credit means "there will be less residual value available to cover the unsecured debt at Crown Castle," said Standard & Poor's credit analyst Catherine Cosentino in a statement.

Shares of Crown Castle added 17 cents to close at $39.25.