OREANDA-NEWS. Fitch Ratings has affirmed the Crown Castle Senior Secured commercial mortgage pass-through certificates, series 2009-1, issued by Pinnacle Towers Acquisition Holdings LLC, as follows:

--\$86,014,434 class A-1 at 'A-sf'; Outlook Stable;
--\$75,000,000 class A-2 at 'A-sf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations are due to the stable performance of the collateral since issuance with continued cash flow growth and amortization of the notes. The Stable Outlooks reflect the limited prospect for upgrades given the provision to issue additional notes.

RATING SENSITIVITIES

The classes are expected to remain stable based on continued cash flow growth due to annual rent escalations and automatic renewal clauses resulting in higher debt service coverage ratios since issuance. The ratings have been capped at 'A' due to the specialized nature of the collateral and the potential for changes in technology to affect long-term demand for wireless tower space.

The certificates represent beneficial ownership interest in the trust, primary assets of which are 1,156 wireless communication sites securing one fixed-rate loan. As of the February 2015 distribution date, the aggregate principal balance has been paid down by 35.6% to \$161 million from \$250 million since issuance. The class A-1 note received interest beginning in September 2009 and has scheduled principal amortization from January 2010 to August 2019. The class A-2 note is interest-only for the first 10 years and receives scheduled principal amortization during years 11 through 20, beginning September 2019. The classes are pro rata with regard to losses.

As part of its review, Fitch analyzed the collateral data and site information provided by the master servicer, Midland Loan Services. As of the February 2015 remittance, aggregate TTM net cash flow increased 27.2% since issuance to \$54.5 million. The total debt-to-issuer net cash flow multiple decreased to 2.95x from 5.84x at issuance due to amortization and growth in net cash flow.

The technology type concentration is stable. As of February 2015, total revenue contributed by telephony tenants was 90.6% compared to 82.9% at issuance. Lease revenue from telephony tenants has more stable income characteristics than other technology types due to the strong end-use customer demand for wireless services.