Moody's rates American Tower notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured debt rating to American Tower Corp.'s new $500 million senior unsecured notes due in 2021 to be issued under the company's shelf registration, which is rated provisional Baa3.

The proceeds from offering will be used for general corporate purposes, including repayment of existing debt and financing acquisitions.

The outlook is stable.

Moody's also said it maintained the company's senior unsecured rating at Baa3, senior unsecured shelf rating at provisional Baa3 and senior unsecured bank credit facility rating at Baa3.

The outlook is stable.

The ratings reflect a view that the business outlook of the wireless tower sector is likely to remain favorable through the next several years, Moody's said, and that the company's good market position will enable its strong earnings and cash flow momentum to continue.

Given the substantial number of recently closed and pending acquisitions, the agency said it expects management to rationalize its growth objectives and stock repurchases so that it maintains a conservative financial profile.

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