Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for American Tower Corp. > News item |
S&P rates American Tower notes, loan BB+
Standard & Poor's said it assigned a BB+ rating and 3 recovery rating to American Tower Corp.'s proposed $500 million senior notes and its existing $1 billion revolving credit due 2017.
The proceeds will be used to repay borrowings under the revolving credit facilities, which currently have $1.325 billion outstanding.
The company's BB+ corporate credit rating and stable outlook on American Tower remain unchanged.
The ratings reflect the strong profitability and promising prospects of its wireless tower leasing business, which S&P said it expects will generate higher net free cash flow after modest capital expenditure needs.
Despite these favorable business risk characteristics, the company's aggressive financial policy limits the ratings, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.