S&P rates American Tower notes BBB-

S&P said it assigned a BBB- rating to American Tower Corp.'s proposed senior unsecured notes due 2024 and 2029.

The proceeds will be used to repay borrowings under its 2013 and 2014 revolving credit facilities, which had about $2.45 billion and $705 million outstanding, respectively, as of Dec. 31, 2018, the agency said.

The BBB- issuer credit rating and stable outlook on American Tower are unchanged.

S&P said it does not expect the transaction to materially affect the company's key credit measures, including its adjusted leverage, which stood at about 4.9x as of Dec. 31.

Despite American Tower's favorable longer term growth prospects, supported by the rising demand for mobile data and robust network investment from wireless carriers, the agency said it believes that the potential for carrier consolidation over the near term will cause the company's leverage to remain elevated at higher than 5x over the next couple of years.

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