Fitch lifts American Tower

Ratings said it has upgraded American Tower Corp.'s ratings as follows: long-term issuer default rating to BBB from BBB-; senior unsecured $1 billion revolving credit facility due 2016 to BBB from BBB-; senior unsecured $1 billion revolving credit facility due 2017 to BBB from BBB-; senior unsecured $750 million term loan due 2017 to BBB from BBB-; and senior unsecured notes to BBB from BBB-.

The outlook remains stable.

Fitch said that the upgrade reflects the company's strong free cash flow and margins, as well as its low business risk model.

In addition, the BBB rating is consistent with other Fitch-rated real estate investment trusts that own niche property types and have net debt to recurring EBITDA in the 5x to 5.5x range, the agency noted.

American Tower's ratings are supported by the financial flexibility provided by its strong free cash flow.

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