American Tower Corp. Outlook Revised to Negative from Stable; Ratings Affirmed Aug 01
- ID: 2086359
- August 2001
- Region: United States
- Standard & Poors
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
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Research type: News
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