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S&P rates American Tower notes BBB-
S&P said it assigned its BBB- issue-level rating to American Tower Corp.'s proposed senior notes due 2027 and 2049.
The company will use the proceeds from these notes to repay borrowings under its 2013 revolving credit facility and 2019 term loan – which had approximately $642 million and $1.3 billion outstanding, respectively, as of June 30, 2019, and for general corporate purposes.
“Our BBB- issuer credit rating and stable outlook on American Tower are unchanged. The transaction does not materially affect the company's key credit measures, including its adjusted leverage, which we expect to be in the low- to mid-5x area in 2019 and 2020,” S&P said in a news release.
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