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Fitch upgrades American Tower
Fitch Ratings said it upgraded American Tower Corp.'s issuer default rating and senior unsecured notes to BB+ from BB- and the issuer default ratings of American Towers, Inc. and SpectraSite Communications Inc. to BB from BB-.
The outlook is stable.
The agency said American Tower's upgrade reflect the strong operating performance, which exceeded Fitch's financial projections, and the increased scale that has resulted in improved free cash flow. The company's operating characteristics remain favorable, resulting in some of the highest profitability measures for all of the agency's corporate credits, and it enjoys a predictable and growing cash flow stream, generated primarily from investment-grade national wireless operators.
Fitch said it believes these characteristics more than offset American Tower's moderate financial policy, which includes sizable share repurchase program and relatively high financial leverage for its rating category.
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