Crown Castle

Balance sheet is investment grade and mostly fixed rate, but leverage is elevated until Fiber proceeds arrive. As of Q3 2025, roughly 84% of debt was fixed with a weighted average maturity near 6 years, revolver availability was about $4.2 billion, and about $2.7 billion of maturities were due over the next twelve months.

Ratings shown in the company’s supplement are BBB/BBB+ from S&P/Fitch and Baa3 from Moody’s. The $8.5 billion Fiber sale is expected to close in the first half of 2026, with proceeds primarily for debt reduction and a repurchase program, which should stabilize leverage in the targeted 6.0x to 6.5x range for a pure‑play tower REIT.

Risk‑free rates around 4.1% to 4.2% in late December 2025 remain a headwind to multiples but are manageable given the fixed‑rate mix.