Research Update: American Tower Corp.'s $250 Million Unsecured Notes Rated 'BB+'; Other Ratings Affirmed Sep 07
Standard & Poors, September 2007
Abstract
On Sept. 24, 2007, Standard & Poor's Ratings Services assigned its 'BB+' rating to Boston-based American Tower Corp.'s proposed $250 million senior notes due 2017, to be issued under Rule 144A with registration rights. At the same time, we affirmed the existing ratings on the company, including the 'BB+' corporate credit rating. The outlook is stable. Since the new notes will be used to refinance existing debt, specifically a portion of the company's senior unsecured term loan, the company's financial profile is unchanged. About $4 billion of total debt was outstanding as of June 30, 2007. The ratings on American Tower reflect the promising prospects of its wireless tower leasing business, which is expected to generate increasingly stronger levels of...
Companies mentioned in this report are: American Tower Corp.
Action: Affirmed
Action: New Rating
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
American Tower Corp.
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