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.

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