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NEW YORK-Standard & Poor’s Ratings Services assigned a CCC rating to the $230 million convertible senior notes recently issued by tower owner Crown Castle International Corp. The rating service also affirmed its B- rating on the company and kept its outlook at negative, noting the company’s $3.2 billion debt.
“While Standard & Poor’s views the tower business as having some favorable business characteristics, the rating is dominated by concerns about Crown Castle’s longer term liquidity prospects,” said credit analyst Michael Tsao.
Meanwhile, shares of Crown Castle surpassed previous 52-week highs to trade at $10.02 Wednesday. The company will release second-quarter 2003 results July 31.
