OREANDA-NEWS. Fitch Ratings has affirmed GTP Acquisition Partners I, LLC Secured Tower Revenue Notes, Global Tower Series 2011-2C, 2011-2F, 2013-1C, and 2013-1F as follows:

--\$490,000,000 class 2011-2C at 'Asf'; Outlook Stable;
--\$155,000,000 class 2011-2F at 'BB-sf'; Outlook Stable;
--\$190,000,000 class 2013-1C at 'Asf'; Outlook Stable;
--\$55,000,000 class 2013-1F at 'BB-sf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations are the result of 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.

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.

All of the notes are backed by mortgages representing more than 93% of the annualized run rate net cash flow (NCF) and guaranteed by the direct parent of the borrowers. Those guarantees are secured by a pledge and first-priority-perfected security interest in 100% of the equity interest of the borrowers (which own, lease or manage 2,713 wireless communication sites) and of the direct parent, respectively.

The non-rated 2011-1C class with a balance of \$70 million has the same rating and is pari passu with classes 2011-2C and 2013-1C. Additionally, 2011-2F and 2013-1F have the same rating and are pari passu in terms of losses with each other.

As part of its review, Fitch analyzed the collateral data and site information provided by the master servicer, Midland Loan Services. As of the March 2015 remittance, aggregate annualized run rate net cash flow increased 10.2% since 2013 to \$127.6 million. The Fitch stressed debt service coverage ratio (DSCR) increased from 1.26x at issuance to 1.36x as a result of the increase in net cash flow.

The technology type concentration is stable. As of March 2015, total revenue contributed by telephony tenants was 96.6%, which is an increase from 90.6% at 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.

American Tower Corporation, rated 'BBB' by Fitch, acquired 100% of the outstanding common membership interests of MIP Tower Holdings LLC, a private real estate investment trust, which is the parent company of Global Tower Partners (GTP) and assumed the existing GTP debt in October 2013.