Moody’s gives Baa2 to A1 Towers, notes

Moody's Investors Service said it assigned first-time Baa2 ratings to A1 Towers Holding GmbH and its planned €500 million of senior unsecured notes. A1 also has access to a €75 million revolving credit facility due in June 2028, with no financial covenants. A1 Towers will not face any debt maturities until 2028. The outlook is stable.

"The Baa2 rating reflects the high predictability of the company's revenue and EBITDA, supported by long-term contracts with a solid anchor tenant. However, given the high initial leverage, the rating is initially weakly positioned in the category, with limited room for deviation relative to our expectations," said Carlos Winzer, a Moody's senior vice president and lead analyst for A1 Towers, in a press release.

The agency said the stable outlook mirrors the predictability of A1 Towers' revenue and EBITDA, which supports the expectation that the company's performance and deleveraging path will be mostly in line with its business plan over the next two to three years.

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