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American Towers Inc.'s $400 Million Senior Subordinated Notes Rated 'CCC' Nov 03 Product Image

American Towers Inc.'s $400 Million Senior Subordinated Notes Rated 'CCC' Nov 03

  • ID: 2086427
  • November 2003
  • Region: United States
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Nov. 6, 2003--Standard & Poor's Ratings Services assigned its 'CCC' rating to the proposed $400 million 7.25% senior subordinated notes due 2011 to be issued by American Towers Inc., a wholly owned subsidiary of Boston, Mass.-based wireless tower operator American Tower Corp., issued under Rule 144A with full registration rights. Proceeds from the proposed notes issuance will be used to refinance bank debt. Simultaneously, Standard & Poor's affirmed its outstanding ratings on American Tower, including its 'B-' corporate credit rating. The outlook remains stable. Pro forma for this transaction, total debt was about $3.5 billion at Sept. 30, 2003. "The rating reflects American Tower's high leverage and limited interest coverage measures resulting from its aggressive,...

Companies mentioned in this report are: American Tower Corp.
Action: Affirmed

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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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