NEW YORK (S&P Global Ratings) May 12, 2020--S&P Global Ratings said today it views Equinix Inc.?s $1.5 billion equity raise as credit positive because it will bolster the company's healthy liquidity position, providing visibility into its ability to fund expansion plans in a balanced manner. The move is consistent with management's commitment to an investment-grade credit profile, building cushion into its existing rating by reducing pro forma adjusted net debt to EBITDA to about 3.7x. Although this ratio will temporarily approach our upgrade trigger, we believe leverage will continue to fluctuate between 3.7x-4.2x over the next two years depending on the timing of acquisitions, dividends, and capital expenditures. An upgrade would require Equinix to maintain debt to EBITDA below 3.75x
