[April 21, 2015]

Fitch Affirms and Assigns Recovery Ratings to 7 U.S. Telecom and Technology Companies' Ratings

Fitch Ratings has affirmed and assigned the following recovery ratings (RRs) to U.S. Telecom and Technology issuers with 'BB' category Issuer Default Ratings (IDRs):

Anixter (News - Alert) International Inc.

--IDR at 'BB+';

Anixter Inc.

--IDR at 'BB+';

--Senior unsecured bank credit facility 'BB+'/'RR4';

--Senior unsecured notes 'BB+'/'RR4';

The Rating Outlook is Stable.

CC Holdings GS V LLC

--IDR at 'BB';

--Senior secured notes at 'BBB-'/'RR1';

Crown Castle International (News - Alert) Corp.

--IDR at 'BB';

--Senior unsecured debt 'BB-'/'RR5';

Crown Castle Operating Company

--IDR at 'BB';

--Senior secured credit facility at 'BB+'/'RR2';

The Rating Outlook is Positive.

Dell (News - Alert) Inc.

--IDR at 'BB';

--Senior unsecured debt 'BB'/'RR4';

Dell International LLC

--IDR at 'BB';

--Senior secured debt 'BBB-'/'RR1'.

The Rating Outlook is Positive.

The assignment of the recovery ratings reflects 'Recovery Ratings and Notching Criteria for Non-Financial Corporates issuers' criteria dated Nov. 18, 2014, which allows for the assignment of recovery ratings for issuers with IDRs in the 'BB' category.

Key Rating Drivers, Key Assumptions and Rating Sensitivities for each company are available on Fitch's website at 'www.fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (May 28, 2014).

Applicable Criteria and Related Research:

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

Criteria for Assigning Short-Term Ratings Based on Internal Liquidity -- Effective June 2013 to Dec. 9, 2013

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708640

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983354

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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