OREANDA-NEWS. S&P Global Ratings today affirmed its 'BBB+ (sf)' ratings on Grain Spectrum Funding LLC's series 2013-1 and GrainSpectrum Funding II LLC's series 2014-1 transactions. Both transactions are backed by cellular phone wireless spectrum (transmission frequencies) leases.

The 2013-1 series is comprised of three AT&T Mobility LLC wireless spectrum leases in North Carolina and one Cellco Partnership lease (doing business as Verizon Wireless) in Texas. The 2014-1 series is comprised of five Cellco Partnership leases (doing business as Verizon Wireless) in Ohio.

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

The affirmations reflect the creditworthiness of the telecommunication providers. Given the importance of wireless cell phone networks to telecommunications providers, we have based the creditworthiness of AT&T Mobility LLC and Verizon Wireless on the ratings on the parents--AT&T Inc. ('BBB+') and Verizon Communications Inc. ('BBB+')--solely for analyzing these transactions. According to the most recent servicer reports, the transactions still have anticipated repayment dates of October 2018 and October 2019, respectively.

We will continue to monitor this transaction and take rating actions when appropriate.