Recovery Report: American Tower Corp.'s Recovery Rating Profile Oct 11
Standard & Poors, October 2011
Abstract
Standard & Poor's Ratings Services is updating its recovery analysis on American Tower Corp. to reflect its new $500 million of 5.9% senior notes due 2021. Our issue-level ratings remain unchanged. We have simulated a default during 2015, due primarily to an assumed change in investment philosophy with American Tower aggressively building towers on a speculative basis for which demand does not materialize. In evaluating lender recovery prospects, Standard & Poor's ascribes a discrete value of $275,000 to each tower, except for towers with contracts not denominated in U.S. dollars. Although numerically, our analysis indicates recovery expectations for American Tower's unsecured debt in the 90%-100% range, we have capped the recovery rating at '3' as per our criteria for capping...
Companies mentioned in this report are: American Tower Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
American Tower Corp.
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