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The problem of maximizing weighted sum rates in the downlink of a multicell environment is of considerable interest. Unfortunately, this problem is known to be NP-hard. For the case of multi-antenna base stations and single antenna mobile terminals, we devise a low complexity, fast and provably convergent algorithm that locally optimizes the weighted sum rate in the downlink of the system. In particular, we derive an iterative second-order cone program formulation of the weighted sum rate maximization problem. The algorithm converges to a local optimum within a few iterations. Superior performance of the proposed approach is established by numerically comparing it to other known solutions.