We have reviewed the real estate characteristics of rated data center companies and as a result are considering the potential for higher ratings on some data centers. We are placing our ratings on Equinix Inc. on CreditWatch with positive implications. We intend to resolve the CreditWatch placements in the coming weeks. On July 25, 2016, S&P Global Ratings placed its 'BB' corporate credit rating on Redwood City, Calif.-based Equinix Inc. on CreditWatch with positive implications. The CreditWatch placement follows our review of the real estate characteristics of some data centers (see "Credit FAQ: Analyzing the Real Estate Characteristics of Data Centers," published July 25, 2016). While these companies are not pure landlords, they do exhibit real estate characteristics that can