S&P rates American Tower euro notes BBB-

S&P said it assigned its BBB- issue-level rating to American Tower Corp.'s proposed euro-denominated senior notes due 2027 and 2030 (amount and allocations to be determined).

The company intends to use the net proceeds from these notes to repay the outstanding debt under its 2021 multicurrency credit facility and €1.1 billion 364-day delayed-draw unsecured term loan, which it entered into on Feb. 10, 2021

“Our BBB- issuer credit rating and stable outlook on American Tower are unchanged because the refinancing transaction is leverage neutral,” S&P said in a news release.

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