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Recovery Report: American Tower Corp.'s Recovery Rating Profile Aug 10
Standard & Poors, August 2010
Standard & Poor's Ratings Services has assigned our issue-level and recovery ratings to American Tower Corp.'s (BB+/Stable/--) new $700 million 5.05% senior unsecured notes due 2020, while leaving issue ratings on American Tower's existing debt unchanged. The company use proceeds to finance the recent acquisition of towers in India from Essar Telecom, and other recent and potential acquisitions, including repayment of borrowings under the revolving credit facility, and for general corporate purposes. We have simulated a default during 2014, 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...
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.