S&P rates American Tower notes, loan BB+

Standard & Poor's said it assigned a BB+ rating and 3 recovery rating to American Tower Corp.'s proposed $500 million senior notes and its existing $1 billion revolving credit due 2017.

The proceeds will be used to repay borrowings under the revolving credit facilities, which currently have $1.325 billion outstanding.

The company's BB+ corporate credit rating and stable outlook on American Tower remain unchanged.

The ratings reflect the strong profitability and promising prospects of its wireless tower leasing business, which S&P said it expects will generate higher net free cash flow after modest capital expenditure needs.

Despite these favorable business risk characteristics, the company's aggressive financial policy limits the ratings, the agency said.

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