S&P: AAT on watch positive

Standard & Poor's said it placed its ratings for AAT Communications Corp., including the B- corporate credit rating and B- rating on its $325 million senior secured bank loan, on CreditWatch positive.

The CreditWatch listing relates to an industry review being conducted by S&P of the tower leasing business and the position of the companies within this industry.

As part of this review, S&P will be evaluating its ratings guidelines for the sector to determine if the industry supports less stringent financial guidelines based on overall business characteristics.

S&P said the recent change in operating lease accounting adopted by the tower operators does not affect the business prospects or cash flow prospects for the industry. It has had the impact of increasing the size of reported minimum cash lease commitments for most of the tower companies.

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