NEW YORK-Standard & Poor’s Ratings Services placed its ratings on American Tower Corp. on CreditWatch with positive implications. S&P said American Tower, which has a B- corporate credit rating, had $3.2 billion of total debt outstanding at the end of September 2004.
“The CreditWatch listing reflects the expectation that the company will continue to grow its tower co-locations and associated tower operating cash flows over the next several years,” said Standard & Poor’s credit analyst Catherine Cosentino.
The ratings agency said American Tower benefits from the good fundamentals of the tower-leasing business. The company expects solid demand in the near term and said American Tower could improve its consolidated earnings before interest, taxes, depreciation and amortization margin to better than 60 percent from about 56 percent in the third quarter of 2004.
