Fairway Outdoor Advertising has a $257 million billboard, whole-business securitization deal in the works, according to Fitch Ratings.

Fitch will rate the deal that is backed by approximately 10,095 outdoor advertising sites with 19,956 billboard faces. None of the outdoor sites are secured by mortgages, the notes will primarily be secured by a perfected security interest in all of the issuer's right, title and interest in and to outdoor advertising sites and associated contracts as well as the related permits, licenses, ground leases and parcels of real estate on which the outdoor advertising structures are located, explained Fitch in its presale report on the deal.

The ratings agency will rate the two tranches of class A notes and the single class B notes, 'A' and 'BB-' respectively. As the transaction isolates the assets from the parent company, the ratings reflect a structured finance analysis of the cash flows from advertising structures and is not an assessment of the corporate default risk of the issuer.

Adams Outdoor Advertising issued a third whole business deal in December 2010, which raised $355 million through the sale of bonds backed by billboard revenue. Barclays and Morgan Stanley led that deal.



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