Research Update: ATP Tower Holdings LLC Outlook Revised To Negative From Stable, 'BB-' Ratings Affirmed; Proposed Notes Rated 'BB-'

ATP Tower Holdings LLC (ATP), one of the largest independent tower and fiber operators in the Andean region, plans to issue senior notes for up to $700 million, mainly to refinance its existing capital structure and provide funds for capital expenditures (capex) in the next two years. On July 23, 2024, S&P Global Ratings assigned its 'BB-' issue-level rating to the company's proposed senior notes. At the same time, we revised our outlook on ATP to negative from stable and affirmed the 'BB-' issuer credit rating on the company. The negative outlook reflects our view that the company's revenue and cash flow growth pace could be hindered by slower investments by carriers in the countries where it operates, due to

...- ATP Tower Holdings LLC (ATP), one of the largest independent tower and fiber operators in the Andean region, plans to issue senior notes for up to $700 million, mainly to refinance its existing capital structure and provide funds for capital expenditures (capex) in the next two years. - On July 23, 2024, S&P Global Ratings assigned its '##-' issue-level rating to the company's proposed senior notes. At the same time, we revised our outlook on ATP to negative from stable and affirmed the '##-' issuer credit rating on the company. - The negative outlook reflects our view that the company's revenue and cash flow growth pace could be hindered by slower investments by carriers in the countries where it operates, due to clients' lower liquidity and an overall delay in the adoption of new technologies such as 5G....

Research Update