TEXT-S&P rates Amercan Tower's proposed notes 'BB+'

Thu Jan 3, 2013 10:48am EST

Jan 3 - Standard & Poor's Ratings Services today has assigned its 'BB+'
issue-level rating and '3' recovery rating to Boston, Mass.-based wireless tower
operator American Tower Corp.'s (BB+/Stable/--) proposed $500 million
senior unsecured notes issue. Proceeds will be used to repay borrowings under
the company's revolving credit facility to fund recent acquisitions. The company
has been very active in recent quarters in expanding both its domestic and
international assets, the latter of which includes towers in Brazil, Germany,
Mexico, Uganda, South Africa, and Colombia. Our 'BB+' corporate credit rating on
American Tower reflects the company's aggressive financial risk profile, with
leverage, pro forma for recent acquisitions, expected to exceed 5x (including
our adjustment for operating leases), and which largely overshadows its strong
business risk 
profile. For the company's full credit profile, see our report on American 
Tower, published Aug. 31, 2012. For  information on the company's recovery 
profile, see the recovery report to be published following this on 
RatingsDirect.

RELATED CRITERIA AND RESEARCH
     -- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012
     -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011
     -- Use Of CreditWatch And Outlooks, Sept. 14, 2009
     -- Criteria Guidelines For Recovery Ratings, Aug. 10, 2009
     -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008


RATINGS LIST
American Tower Corp.

Corporate credit rating              BB+/Stable/--

Rating Assigned
 $500 million unsecured notes        BB+
  Recovery rating                    3

Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.