Fitch affirms American Tower

Fitch Ratings said it affirmed American Tower Corp.'s long-term issuer default rating, $1 billion revolving credit facility due 2016, $1 billion revolving credit facility due 2017 and senior notes at BBB-. The outlook is stable.

The agency said American Tower's ratings are supported by its strong free cash flow, its high EBITDA margin and the significant operational scale provided by its large tower portfolio.

The ratings also reflect American Tower's commitment to a net leverage target in a range of 3 times to 5 times, Fitch said. The company's gross leverage metric was 4.5 times for the last 12 months ended March 31 and was elevated due to acquisitions completed in late 2011. In 2012, the agency estimates American Tower's gross leverage ratio will approximate 3.8 times to 4 times.

Risks reflected in American Tower's ratings include the expansion of operations internationally and the potential for acquisitions, Fitch said.

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