U.S. data center and colocation provider Equinix Inc. has profitably expanded its footprint and strengthened its competitive position over the past several years, causing us to loosen our upgrade trigger to debt to EBITDA below 4.25x from 4.0x and revise our business risk assessment to strong. We are revising the outlook on Equinix to positive from stable and affirming the 'BB+' corporate credit rating. The company plans to raise €1 billion unsecured notes to repay existing secured debt and extend its maturity profile. We are assigning a 'BB+' issue-level rating and a '3' recovery rating to the notes and affirming all existing ratings. The positive outlook reflects the potential for an upgrade over the next year if the company is
