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American Tower Corp.'s $225 Million 7.5% Senior Notes Rated 'CCC' Feb 04
Standard & Poors, February 2004
NEW YORK (Standard & Poor's) Feb. 4, 2004--Standard & Poor's Ratings Services today assigned its 'CCC' rating to the $225 million 7.5% senior notes due 2012 issued under Rule 144A with registration rights by Boston, Mass.-based wireless tower operator American Tower Corp. Simultaneously, Standard & Poor's affirmed its existing ratings on American Tower, including the 'B-' corporate credit rating. The outlook remains positive. Proceeds from the 7.5% notes will be used to refinance the company's 6.5% convertible notes due 2009, and thereby eliminate the possibility of these notes to be put to the company in late 2006. The new notes are rated two notches below the corporate credit rating due to the substantial amount of priority obligations, which include approximately...
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.
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American Tower Corp.