Summary: American Tower Corp. Mar 10
- ID: 2085837
- March 2010
- Region: United States
- Standard & Poors
The ratings on American Tower Corp. reflect the promising prospects of its wireless tower leasing business, which Standard & Poor's Ratings Services expects will generate increasingly stronger levels of net free cash flow after capital expenditures. Despite these very favorable business risk characteristics, which are supportive of American Tower's investment-grade business risk profile, the company's aggressive financial policy constrains the ratings. The company currently has board authorization to repurchase up to $1.5 billion of its common shares, of which it had purchased about $213 million through 2009. While management targets a leverage ratio of 3x-5x range (or about the 4x-6x area on an operating lease-adjusted basis), we believe that the company is not likely to consistently operate at the low...
Companies mentioned in this report are: American Tower Corp.
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