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American Tower Corp. Outlook Revised to Negative from Stable; Ratings Affirmed Aug 01
Standard & Poors, August 2001
LONDON (Standard & Poor's CreditWire) Aug. 3, 2001--Standard & Poor's today revised its outlook on U.S.-based communications company American Tower Corp. (AMT) to negative from stable. At the same time, the double-'B'-minus corporate credit, single-'B' senior unsecured debt, and the preliminary single-'B'-minus preferred stock ratings on AMT were affirmed. The double-'B' senior secured debt ratings on related entities American Tower Inc. and American Tower L.P were also affirmed. The outlook revision reflects the significant decline in operating cash flow at AMT's Verestar unit, which is causing consolidated credit protection measures to be weaker than anticipated. In addition, AMT has made an entry into the tower leasing business in Brazil, an undertaking that adds additional operating risk. The current ratings continue...
Companies mentioned in this report are: American Tower Corp.
Action: Outlook Revised
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: News
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American Tower Corp.