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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Crown Castle International Corp.Global Credit Research - 15 Feb 2022New York, February 15, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Crown Castle International Corp. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 14 February 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology (ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Crown Castle International Corp's ("CCI" or "Crown Castle") Baa3 senior unsecured rating reflects the REIT's position as one of the leading independent providers of wireless infrastructure in the U.S., high visibility into future earnings due to long-term leases with annual escalations, and robust internally generated cash flows. CCI's good geographic diversification within the domestic market, and strong liquidity also support the rating. We believe that the wireless infrastructure industry fundamentals and growth trends will remain favorable over the next several years owing to continued strong demand for wireless data services, and the acceleration in mobile traffic and continued build out of carriers' wireless networks, supporting CCI's growth prospects. These credit strengths are counterbalanced by the REIT's modestly high leverage as it is making substantial capital investments into its fiber and small cell businesses, and some remaining structural subordination in its capital structure. Crown Castle's tenant concentration is an additional credit challenge. We also note that CCI's tower assets have limited alternative use should wireless technology change dramatically and render towers obsolete, a long-term risk.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was REITs and Other Commercial Real Estate Firms Methodology published in July 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Lori Marks VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Philip Kibel Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). 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