Fitch rates A1 Towers, debt BBB-

Fitch Ratings said it assigned A1 Towers Holding GmbH a final long-term issuer default rating of BBB-with a stable outlook.

Fitch has also assigned a final rating of BBB- to A1 Towers' senior unsecured debt.

The agency said the assignment of final ratings follows the spinoff of A1 Towers from Telekom Austria AG (TAG; A-, positive), and issuance of €500 million senior unsecured bonds and an €500 million senior unsecured loan, in line with Fitch's expectations, including the transfer of A1 Towers' debt guarantee from TAG to EuroTeleSites AG.

The latter is a newly created entity to which A1 Towers has been spun off.

“A1 Towers' ratings continue to reflect its highly visible cash flow profile supported by long-term inflation-linked contracts with its strong anchor tenant TAG and third parties,” the agency said in a news release.

“A1 Towers has a leading market position in its largest market, Austria, and is geographically diversified across six markets.”

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