Crown Castle International Corp.: Strong liquidity and organic growth, but leverage remains at the higher end of target range
Our credit view of CCI, reflecting its strong position as one of the leading providers of wireless infrastructure in the US, robust cash flows, offset by high leverage, tenant concentrationCrown Castle International is a holding company. Through its subsidiaries, the company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including towers and other structures, such as rooftops (collectively, towers), and fiber primarily supporting small cell networks (small cells) and fiber solutions. The company's towers, fiber and small cells assets are collectively referred to herein as communications infrastructure. The company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements.
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