...This report details Fitch Ratings' criteria for analyzing structured finance transactions backed by wireless tower sites in the U.S. Expanding on Fitch's U.S. CMBS large loan methodology (see Fitch Research on "Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions"), this report provides the qualitative and quantitative factors specific to Fitch's analysis of wireless tower securitizations. Similar to CMBS transactions, the underlying collateral for wireless tower securitizations typically includes the land, improvements (towers) and an assignment of the leases and rents of the tower tenants who lease space on the towers to hold the transmission equipment instrumental in the delivery of phone, data and broadcast signals. These transactions typically are further secured by an equity pledge of the entities that own the collateral....
