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S&P gives American Tower notes BBB-
S&P said it assigned its BBB- issue-level rating to American Tower Corp.'s proposed €500 million senior notes due 2026.
The company will use the net proceeds to repay borrowings under its 2013 revolver, which currently has about $2.39 billion outstanding, and for general corporate purposes.
The BBB- corporate credit rating and stable outlook are unchanged.
“We do not expect the transaction to affect the company's key credit measures, including adjusted leverage, which was about 5.6x as of March 31,” the agency said in a news release.
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