The Boca Raton-based developer-operator of wireless communications towers earned a stable rating outlook from the New York-based bond-rating service as the subsidiary, SBA Telecommunication Inc., prepares to issue about $300 million in senior secured credit facilities.

While assigning a B1 rating on the pending issue, the bond-rater service confirmed B3 ratings on existing senior notes due 2009, payable at 10.25%, and senior discount notes due 2008, payable at 12%. The parent company earned an overall B2 senior-implied rating, which carries a rating outlook of stable.

In explaining the ratings, Moody's says the B1 rating reflects the Boca Raton company's modest capital structure and the significant tangible asset coverage available to the lenders. The B3 ratings 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.