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Crown Castle and the Tower Operators: The Foundation for Next-Gen Wireless

Until those who used to buy debt and now do not start buying again, all three tower companies will have to change their capitalization. If they are able to delever fast enough, they will do quite well, AMT is in the best position. If it looks like AMT will make it, then CCI and SBAC may use the halo to squeek out also. Since they are down so much they may have better reward/risk ratios.

Crown Castle and the Tower Operators: The Foundation for Next-Gen Wireless

The debt/EBITDA of around 8 is also a risk, larger for CCI than for AMT. A credit crunch that lasted two years or so could put them in a bind. Not very probable, but beware of black swans.