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S&P: American Tower notes BB+
Standard & Poor's said it assigned a BB+ rating and 3 recovery rating to American Tower Corp.'s proposed issuance of $800 million to $1 billion senior unsecured notes.
The agency also said it placed the rating on CreditWatch with positive implications.
The proceeds are expected to be used to repay borrowings under the company's revolving credit facility.
All of the company's ratings, including its BB+ corporate credit rating, were placed on CreditWatch with positive implications Aug. 6 as part of a review of the wireless tower sector.
The CreditWatch will be resolved before the end of August and any upgrade in American's ratings would be limited to one notch, S&P said.
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