Fitch Ratings affirmed its long-term issuer default rating and long-term senior unsecured note and credit facility ratings on American Tower Corp. at BBB, with a stable outlook.

The rating agency said the action is backed by the communications real estate investment trust's financial flexibility stemming from its stable free cash flow and its consistently high EBITDA margins at about 60%.

Fitch expects the REIT's gross leverage to be just under 5.0x and its net leverage to be slightly below that level within the 2019-2021 forecast period.

The company's long-term issuer default rating is not affected by its impending $1.85 billion acquisition of Eaton Towers Holdings Ltd., which is set to close by the end of 2019.