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

Photo Release: SCB takes local wisdom products nationwide at Rompo Market for Thai Way OTOP

To promote Thailand's local wisdom products, SCB has collaborated with the Community Development Department and OTOP Trader Thailand by organizing a "Rompo Market – Thai Way OTOPs" event to create a marketplace for famous OTOP products from every...

Photo Release: Bangkok Bank highlights #Bangkok Bank InnoHub Season 2 a global FinTech accelerator program at Digital Thailand Big Bang 2018

Bangkok Bank Director and Executive Vice President Dr. Thaweelap Rittapirom (4th from left) and Executive Vice President Than Siripokee (4th from right) welcomed Digital Economy and Society Minister Pichet Durongkaveroj (5th from right) to Bangkok Bank's...

Photo Release: Krungsri Auto Offers Donation from MUFG CSR Award To The Foundation for the Deaf Under the Royal Patronage of Her Majesty the Queen

Krungsri Auto, a leader in automotive finance under Bank of Ayudhya PCL, led by Mr. Pairote Cheunkrut (3rd from left), Head of Krungsri Auto Group, Bank of Ayudhya PCL, and Ms. Siriporn Suparuchatakarn (2nd from left), President of Krungsri Auto...

Photo Release: KTC receives Thailands Top Corporate Brand Value 2018 award in the Finance category.

Mr. Rathian Srimongkol, (Center) President & Chief Executive Officer, "KTC" or Krungthai Card Public Company Limited, was presented with "Thailand's Top Corporate Brand Value 2018" honorable award by Prof. Bundhit Eua-arporn(2nd from left) President,...

Global Winners of SDGs and Her Competition celebrated at New York event

New York, September 24, 2018 – Today, the global winners of the SDGs and Her Competition were celebrated at a side-event during the high-level week of the UN General Assembly. The contest -- co-sponsored by the World Bank Group, UNDP, UN Women, and...

Related Topics