S&P rates American Tower notes BBB-

S&P said it assigned BBB- issue-level ratings to American Tower Corp.'s planned senior unsecured notes due 2029 and 2034 with the amounts to be determined.

The ratings are consistent with those on American Tower’s outstanding unsecured notes.

The company will use the proceeds to repay debt under its 2021 multicurrency credit facility and 2021 credit facility, as well as for general corporate purposes.

“Our BBB- issuer credit rating and stable outlook on American Tower are unchanged because the refinancing transaction is largely leverage neutral and will help reduce its exposure to floating-rate debt. The company's S&P Global Ratings-adjusted debt to EBITDA was about 5.6x as of year-end 2023 and we expect its leverage will remain in the mid- to high-5x range over the next year, which is comfortably below our 6.5x downgrade threshold,” the agency said in a press release.

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