S&P: AAT Communications on watch

Standard & Poor's said it placed the ratings of AAT Communications Corp. (AAT) on CreditWatch with negative implications, including its BB- corporate credit rating.

At the same time, the agency noted it affirmed the ratings on SBA Communications Corp. (SBA), including its B+ corporate credit rating. The outlook is stable.

These actions follow SBA's announced agreement to acquire AAT in a transaction that includes a cash component of $634 million, S&P said.

Affected ratings include AAT's first-lien secured bank loan at BB+ and second-lien secured bank loan at BB.

The placement of AAT on CreditWatch negative reflects the fact that, upon closing of the transaction, its ratings will reflect that of the merged company, which will be a B+ with a stable outlook, the agency said.

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