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Fitch affirms American Tower ratings, upgrades outlook

Fitch Ratings on April 14 affirmed its long-term issuerdefault rating on American TowerCorp. at BBB.

The global rating agency also affirmed its ratings on thecompany's senior unsecured notes and credit facilities at BBB.

The company's outlook, meanwhile, was elevated to stablefrom negative as it is on track to meet Fitch's expectations to return to netleverage of 5x or below within a period of 12 to 24 months.

Fitch also noted that the wireless telecom REIT's ratingsare supported by the financial flexibility provided by its strong free cashflow and high EBITDA margin, which has been consistently above 60% in recentyears.

In addition, the company is also expected to generate mid-to high-single-digit organic core revenue growth, the rating agency said.

American Tower earlier this month was reported to be makingplans to invest US$2billion in India on top of an estimated 58.56 billion Indian rupees that itwill pay to acquire a51% controlling interest in Indian peer Viom Networks Ltd.The deal is expected to close in the second quarter.

As of April 13, $1 wasequivalent to 66.50 Indian rupees.