OREANDA-NEWS. Fitch Ratings has affirmed the SBA Tower Trust Secured Tower Revenue Securities Series 2012-1C, 2013-1C, 2013-2C, 2014-1C, 2014-2C, 2015-1C, 2016-1C and 2013-1D as follows:

--$610,000,000 class 2012-1C at 'Asf'; Outlook Stable;

--$425,000,000 class 2013-1C at 'Asf'; Outlook Stable;

--$575,000,000 class 2013-2C at 'Asf'; Outlook Stable;

--$920,000,000 class 2014-1C 'Asf'; Outlook Stable;

--$620,000,000 class 2014-2C 'Asf'; Outlook Stable;

--$500,000,000 class 2015-1C 'Asf'; Outlook Stable;

--$700,000,000 class 2016-1C 'Asf'; Outlook Stable;

--$330,000,000 class 2013-1D 'BBBsf'; Outlook Stable.

Fitch affirms the series 2012-1C, 2013-1C, 2013-2C, 2014-1C, 2014-2C, 2015-1C and 2013-1D securities as part of the issuance of the SBA Tower Trust Secured Tower Revenue Securities Series 2016-1C issued on July 7, 2016. The 2012-1C, 2013-1C, 2013-2C, 2014-1C, 2014-2C, 2015-1C classes are pari passu with the 2016-1C class. The affirmation of the securities is to ensure that the classes which share common underlying collateral have the same rating effective date.

The transaction is an issuance of securities backed by a mortgage loan secured by the borrowers' mortgage liens in tower sites representing approximately 96% of the aggregate allocated loan amount and guaranteed by the direct parents of the borrowers. The guarantee is secured by a pledge and first-priority perfected security interest in 100% of the equity interest of the borrowers (which own or lease 10,544 wireless communication sites) and certain guarantors. The new series of securities will be issued pursuant to a supplement to the amended and restated trust and servicing agreement and the mortgage loan will be increased pursuant to a supplement to the amended and restated loan and security agreement.

The ratings reflect a structured finance analysis of the cash flows from the ownership interest in cellular sites, not an assessment of the corporate default risk of the ultimate parent, SBA Communication Corporation (SBA).

KEY RATING DRIVERS

Trust Leverage: Fitch's net cash flow (NCF) on the pool is $633 million, indicating a Fitch stressed debt service coverage ratio (DSCR) of 1.46x. The debt multiple relative to Fitch's NCF is 7.39x, which equates to a debt yield of 13.5%. The $4.35 billion 'Asf' rated securities have a Fitch stressed DSCR, debt multiple and debt yield of 1.57x, 6.87x, and 14.6%, respectively.

Leases to Strong Tower Tenants: There are 22,425 wireless tenant leases. Telephony tenants represent approximately 97% of the annualized run rate revenue and 56% of ARRR is from investment-grade tenants. The tenant leases have weighted average annual escalators of approximately 3.6% and a weighted average final remaining term (including renewals) of 17.8 years. The largest tenant, AT&T (36.4% of ARRR) is rated investment grade by Fitch (Long-Term IDR 'A-'/Stable Outlook).

RATING SENSITIVITIES

Fitch performed several stress scenarios in which Fitch's NCF was stressed. Fitch determined that a 76% reduction in Fitch's NCF would cause the notes to break even at 1.0x DSCR on an interest-only basis.

Fitch evaluated the sensitivity of the ratings for class 2016-1C, and a 10% decline in NCF would result in a one-category downgrade, while a 27% decline would result in a downgrade to below investment grade. The Rating Sensitivity section in the presale report includes a detailed explanation of additional stresses and sensitivities.

Key Rating Drivers and Rating Sensitivities are further described in the accompanying presale report. The presale report is available to all investors on Fitch's web site 'www. fitchratings. com'.

DUE DILIGENCE USAGE

Fitch was provided with third-party due diligence information from Deloitte & Touche LLP and Ernst & Young LLP. The third-party due diligence information was provided on Form ABS Due Diligence Form-15E and focused on a comparison of certain characteristics with respect to the portfolio of wireless communication sites and related tenant leases in the data file. Fitch considered this information in its analysis, and the findings did not have an impact on our analysis. Copies of the ABS Due Diligence Forms-15E received by Fitch in connection with this transaction may be obtained through the link contained on the bottom of the related rating action commentary (RAC).