Moody's lifts American Tower outlook to positive

Moody's Investors Service said it has changed the outlook for the ratings of American Tower Corp. to positive from stable based on the company's strong operating performance, significant deleveraging and strong cash flow growth that it achieved over the past two years, all of which bode well for the prospect of future rating lift to an investment grade profile as signaled by the revised positive outlook.

Moody's said it has affirmed the following ratings: corporate family rating at Ba1, probability-of-default rating at Ba1, $325 million term loan facility at Ba1, LGD4 - 57%, $1.25 billion revolving credit facility at Ba1, LGD4 - 57%, 7% senior notes due 2017 at Ba1, LGD4 - 57%, 7.125% senior notes due 2012 at Ba1, LGD4 - 57%, 7.5% senior notes due 2012 at Ba1, LGD4 - 57%, 5% senior convertible notes due 2010 at Ba1, LGD4 - 57% and speculative-grade liquidity at affirmed SGL-1.

Moody's said it believes that the business outlook for the wireless tower sector is likely to remain favorable through the next several years, and the company's good market position will enable its strong earnings and cash flow momentum to continue, which largely supports the company's Ba1 corporate family rating.

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