OREANDA-NEWS. May 13, 2016. Fitch Ratings has affirmed the Crown Castle Towers LLC senior secured tower revenue notes, series 2010-2, 2010-3, 2010-5, 2010-6, 2015-1 and 2015-2 as follows:

--\\$350,000,000 class 2010-2 C-2017 at 'Asf'; Outlook Stable;
--\\$1,250,000,000 class 2010-3 C-2020 at 'Asf'; Outlook Stable;
--\\$300,000,000 class 2010-5 C-2017 at 'Asf'; Outlook Stable;
--\\$1,000,000,000 class 2010-6 C-2020 at 'Asf'; Outlook Stable;
--\\$300,000,000 class 2015-1 C-2022 'Asf'; Outlook Stable;
--\\$700,000,000 class 2015-2 C-2025 'Asf'; Outlook Stable.

KEY RATING DRIVERS
The affirmations are due to the stable performance of the collateral since issuance with no significant changes to the collateral composition. The Stable Outlooks reflect the limited prospect for upgrades given the provision to issue additional notes.

The notes represent issuers' equity interest in the entities that own, lease, sublease, and operate 10,973 wireless communication sites. Each series of notes are secured by the same pool of collateral and are pro rata with regard to losses. The notes are interest only until each series' respective anticipated repayment date.

As part of its review, Fitch analyzed the collateral data and site information provided by the master servicer, Midland Loan Services. As of the April 2016 remittance, aggregate annualized run rate net cash flow increased 3.2% since issuance to \\$699.2 million. The Fitch stressed debt service coverage ratio (DSCR) increased from 1.81x at issuance to 1.88x as a result of the increase in net cash flow.

The technology type concentration is stable. As of April 2016, total revenue contributed by telephony tenants was 96.4% which is in-line with issuance. Lease revenues from telephony tenants have more stable income characteristics than other tenant types due to the strong end-use customer demand for wireless services.

RATING SENSITIVITIES
The Outlooks on all classes are expected to remain Stable. Downgrades are unlikely due to continued cash flow growth from annual rent escalations and automatic renewal clauses resulting in higher DSCR since issuance. The ratings have been capped at 'A' and further upgrades are unlikely due to the specialized nature of the collateral and the potential for changes in technology to affect long-term demand for wireless tower space.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.