Fitch Ratings upgraded Crown Castle International Corp.'s long-term issuer default rating and senior unsecured notes and credit facilities ratings to BBB+ from BBB, with a stable outlook.

The rating agency also raised the issuer default rating and senior secured ratings of CC Holdings GS V LLC to BBB+ from BBB.

Fitch said the upgrade is based on the prospects for the wireless industry's continued strong demand for capacity on the real estate investment trust's towers, small cells and fiber networks to support mobile broadband data growth. The upgrade also factors in the expectations that the company will maintain net leverage around 5x in the long term.

The factors are partly counterbalanced by the potential effect of industry consolidation on the REIT's near-term business.