American Tower gets Fitch upgrades |
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Fri, 09 Feb 2007 21:15
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NEW YORK (AFX) - Fitch Ratings upgraded ratings for wireless and communications tower American Tower Corp. Friday, citing the company's fourth-quarter financial results and operating cash flow.The agency boosted American Tower's issuer default and senior unsecured notes ratings to 'BB+' from 'BB-', and the issuer default ratings of subsidiaries American Towers Inc. and SpectraSite Communications Inc. to 'BB' from 'BB-'.Fitch also reaffirmed ratings of 'BB+' and 'BBB-' for American Tower Inc.'s senior subordinated debt and senior secured credit facility, respectively. A rating of 'BBB-' for SpectraSite's senior secured credit facility was reaffirmed, too.The rating outlook is stable, Fitch said.During the quarter, American Tower restated past results because of past stock option grant practices. Fitch said any other issues stemming from internal control issues should be resolved within the next few quarters.Shares of Boston-based American Tower fell 45 cents to $39.70 on the New York Stock Exchange in afternoon trading.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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American Tower to buy back notes 