NEW YORK-Following SpectraSite Holdings Inc.’s announcement it will file for Chapter 11 bankruptcy protection, Standard & Poor’s Rating Services lowered the companies ratings on its senior unsecured debt issues to D from C and removed it from CreditWatch with negative implications. The ratings will be withdrawn upon SpectraSite’s filing, expected to occur by Nov. 15.
S&P also revised its ratings on SpectraSite Communications Inc.’s $1.1 billion secured facility from negative to positive in response to SpectraSite’s insistence that its operating branch will not be affected by the bankruptcy proceedings.
