Rating On Grain Spectrum Funding LLC Series 2013-1 Placed On CreditWatch Negative

Stocks and Financial Services Press Releases Tuesday November 22, 2016 09:05
NEW YORK--22 Nov--S&P Global Ratings
Grain Spectrum Funding LLC's series 2013-1 is backed by cellular phone wireless spectrum (transmission frequencies) leases.
We placed our 'BBB+ (sf)' rating on CreditWatch negative following the CreditWatch negative placement of the rating on the parent of one of the lessees, AT&T Inc., on Oct. 24, 2016.

NEW YORK (S&P Global Ratings) Nov. 21, 2016--S&P Global Ratings today placed its 'BBB+ (sf)' rating on Grain Spectrum Funding LLC's series 2013-1 on CreditWatch with negative implications. Grain Spectrum Funding is backed by cellular phone wireless spectrum (transmission frequencies) leases.

Series 2013-1 comprises three AT&T Mobility LLC wireless spectrum leases in North Carolina and one Cellco Partnership (doing business as Verizon Wireless) lease in Texas. The rating on series 2013-1 is weak-linked to the the creditworthiness of the two lessees, both of which are contractually obligated to lease or possibly buy the wireless spectrum. While AT&T Mobility LLC does not have a standalone corporate credit rating from S&P Global Ratings, given the importance of wireless cell phone networks to telecommunications providers, we have based the creditworthiness of AT&T Mobility LLC on our rating on AT&T Inc.

The CreditWatch placement reflects the CreditWatch negative placement of the rating on AT&T Inc. on Oct. 24, 2016 (for more information see "AT&T Inc. 'BBB+' Ratings Placed On CreditWatch Negative On Its Agreement To Acquire Time Warner Inc.")

Since the transaction is not under the scope of any specific criteria, we used "Principles Of Credit Ratings," published Feb. 16, 2011, for our analysis. We also used "Equipment Leasing Criteria: Structural Considerations In Rating Lease-Backed Transactions," published Sept. 1, 2004, to review the lease agreement's structural mechanisms.

Latest Press Release

Siam Commercial Bank Partners with Chaixi Bameekiao and Visa To facilitate QR payment for noodle franchise

- Ms. Pimjai Tongmee, SCB's Payment Product Sales and Delivery Division Executive Vice President - Mr. Panrob Kamla, President of Chaixi Bameekiao Co. Ltd - Mr. Suripong Tantiyanon, Country Manager for Visa Thailand "Siam Commercial Bank" (SCB)...

Isotropic Systems Raises $14 Million in Series A Funding Led by Boeing HorizonX Ventures to Advance Space-Based Connectivity

- Isotropic's approach to next-generation integrated terminal creates profound change in terminal economics and performance to unlock the satellite industry's full potential Isotropic Systems Ltd., the next-generation integrated satellite terminal...

Global economic growth expected to slow in 2019

The global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates, according to new projections from PwC in its latest Global Economy Watch. PwC expects that the pick up in growth of most major economies...

QNB Group: Financial Results for the Year Ended 31 December 2018

QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2018. (Photo: https://mma.prnewswire.com/media/808498/QNB_Group_Head_Office.jpg ) Net Profit for the year ended 31...

CIMB THAI announces 2018 financial results with increased in operating income due to loan growth and lower gross NPL ratio. To fully move forward with Fast Forward program.

- Net interest income increased THB 544.3 million YoY mainly from loan expansion and higher interest income on investments. - Profit before tax of THB 271.2 million. - NPL ratio of 4.3% compared to 4.8% YoY due to more efficient risk management policies...

Related Topics