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Moody's upgrades Crown Castle ratings

Moody's upgradedits ratings on with a stable outlook.

The rating agencychanged the company's senior unsecured rating to Baa3 from Ba1, senior unsecuredshelf rating to (P)Baa3 from (P)Ba1 and senior subordinate shelf rating to (P)Ba1from (P)Ba2.

The rating agencynoted that the upgrade follows the announcementby the company that it is planning to repay in full $650 million of senior securedtower revenue notes series 2010-2 and 2010-5 both due 2017 with unsecured debt.

Meanwhile, Moody'swithdrew the company's Ba1 corporate family rating, consistent with its practicesfor investment grade issuers.

The agency saidin a statement that the upgrade to investment grade reflects the company's "prudentfinancial policies, strong and growing cash flows, ample liquidity as well as theREIT's long-term commitment to reduce its leverage and operate within a 4x-5x netdebt/EBITDA target range."