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Strategies & Market Trends : Making Money is Main Objective

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To: Softechie who started this subject	5/24/2001 3:22:57 PM
From: Softechie	Read Replies (1) of 2155

Moody's affirms SBA Communications -------------------------------------------------------------------------------- The B1 rating on the secured credit facility reflects its relatively modest size in the company's capital structure and the significant tangible asset coverage available to the lenders. The confirmation of the B3 ratings on the 10.25% Senior Notes due 2009 and the 12% Senior Discount Notes due 2008 reflects Moody's anticipation that SBA would seek to re-establish a secured credit facility after having terminated its former bank line earlier this year. The stable outlook reflects Moody's comfort that despite the subordination of these notes, due to the company's historical and expected operating performance, SBA should continue to have sufficient financial flexibility to service all of its debt. Moody's continues to believe in sufficient un-met demand for tower space in the US, as wireless penetration and usage continues to grow, that will increase the cash flows and debt service capacity of the independent tower operators. However, Moody's is concerned about the timing of the demand for tower space as wireless carriers review their capital spending plans in light of general economic and capital market conditions. In Moody's opinion, SBA should be well positioned to endure a temporary slowdown in the lease-up rate for its towers as those towers are modestly levered at less than $200,000 per tower (on a net debt basis), and our expectation the SBA will modify its business plan by reducing its tower construction and acquisition activity should the company need to conserve capital. Based in Boca Raton, Florida, SBA Communications is a leading independent owner and operator of approximately 3,000 wireless communications towers throughout the United States. REUTERS Rtr 14:35 05-24-01 Copyright 2001, Reuters News Service

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