Replacement of corroded assets is a significant annual cost to major asset owners. This cost can be avoided through effective inspection and corrosion protection. This paper presents a case study into the fitness for service assessment of galvanized wire rope guys with swaged socket terminals from a telecommunications tower. The guy wire terminals displayed corrosion under insulation (CUI) from improperly maintained petrolatum tape as well corrosion along wire strands with damaged galvanizing. As part of the work, the corrosion of wire strands within swaged terminals was assessed using non-destructive digital radiography and validated through destructive sectioning and physical measurement. Mechanical degradation was determined by tensile testing. The study found that while there was negligible loss in load capacity of the swaged terminals associated with heavy CUI, there was a direct correlation between the severity of corrosion along wire strands and the reduction in tensile strength of guy wire assemblies. The study concluded that physical measurement of wire rope section loss is the best indicator of fitness for service of the component.