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Summary: American Tower Corp. Mar 10

  • ID: 2085837
  • March 2010
  • Region: United States
  • Standard & Poors
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Abstract
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.
Action: Review

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 READ MORE >

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American Tower Corp.

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