Fitch Ratings has assigned a 'BBB+' rating to American Tower Corporation's proposed two-tranche USD-denominated senior notes, which are due in 2030 and 2035. This rating indicates a strong investment-grade credit profile for the company's new debt.
The net proceeds from these notes are intended for the repayment of existing revolver balances and for general corporate purposes. Fitch anticipates that this transaction will be substantially leverage neutral for American Tower.
Fitch expects American Tower's net leverage for fiscal year 2024 to be approximately 5.2x, with a projected decline to under 5x by fiscal year 2026. The rating is supported by the company's leading global tower operator scale, high EBITDA margins, and recurring contractual revenue from its tower business model.
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