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Fitch rates American Tower notes BBB
Fitch Ratings said it assigned a BBB rating to American Tower Corp.’s offering of $1 billion 3.375% senior unsecured notes due in 2026.
Proceeds will be used to repay outstanding revolver borrowings on its 2013 credit facility.
As of March 31, outstanding borrowings on American Tower’s $2.75 billion credit facility (2013 revolver) totaled about $1.232 billion on a pro forma basis. Following first-quarter 2016, total outstanding borrowings on the company's 2013 revolver, which matures in 2019, increased $1.2 billion from $32 million.
American Tower’s issuer default rating is BBB with a stable outlook.
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