TEXT-S&P rates Amercan Tower's proposed notes 'BB+'
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.
- Restraint marks Ferguson, Missouri protests for third straight night |
- Gaza gunmen execute 'collaborators'; mortar kills Israeli boy |
- U.S. says Russia must pull convoy from Ukraine or face more sanctions |
- Trucks from aid convoy to Ukraine start crossing back into Russia |
- U.S. hostage rescuers dropped from night sky: Syria activist