S&P rates AAT loans BB+, BB

Standard & Poor's said it raised its corporate credit rating on AAT Communications Corp. to BB- from B- and removed the rating from CreditWatch, where it was placed with positive implications on April 21.

At the same time, the agency said it assigned its BB+ rating to the company's $250 million of aggregate first-lien bank loan facilities and a BB to the company's $85 million of second-lien bank loan facilities.

A recovery rating of 1 also was assigned to both of these secured facilities, S&P said.

The ratings were placed on CreditWatch with positive implications as part of S&P's reassessment of the wireless tower leasing business, specifically its view that this sector has favorable characteristics supportive of a low investment-grade business profile.

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