NEW YORK (S&P Global Ratings) July 1, 2019--S&P Global Ratings today said that it views the initial phase of Equinix Inc.'s (BBB-/Stable/--) hyperscale joint-venture (JV) initiative with Government of Singapore Investment Corp. (GIC) as largely credit neutral because it will not materially affect the company's adjusted credit metrics. We plan to use the proportional consolidation of the company's share of the JV debt, though we will also give credit for the dividends it receives in our calculation of EBITDA. Based on Equinix's 20% minority stake in the JV, we continue to expect the company's S&P-adjusted debt to EBITDA to be about 4.0x-4.2x in 2019 and in the 3.8x-4.2x range in 2020. While the company will receive cash for its contribution
