...NEW YORK (S&P Global Ratings) Dec. 8, 2016--S&P Global Ratings said today that it has reviewed its recovery and issue-level ratings for Equinix Inc. that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7, 2016. With our criteria review complete, we are removing the UCO designation from these ratings and are lowering all of Equinix's secured debt ratings to '###-' from '###' because we now cap issue ratings for most speculative-grade issuers at '###-', regardless of our recovery rating. This change deemphasizes the weight recovery plays in the up-notching issue ratings for issuers near the investment-grade threshold, since recovery is a smaller component of credit risk when default risk is more remote, particularly considering recovery prospects may be less predictable and more variable for these issuers. Importantly, this revision does not reflect a change in our assessment of the company's default risk, which is indicated...
