Equinix Inc.'s interconnected ecosystem positions it well to capitalize on favorable secular trends, with visibility into healthy earnings growth for several years. We have loosened our 'BBB' upgrade and downgrade triggers for Equinix to 5x-6x, given our view that the company can tolerate higher leverage at a given rating level. We believe that management could increase leverage from the current S&P-adjusted level of 4.3x to fund expansion. We affirmed our 'BBB' issuer credit rating on Equinix. The stable outlook reflects our belief that the company is committed to maintaining the financial discipline associated with the current rating such that it maintains S&P Global Ratings-adjusted leverage below 6x. However, there's also potential for growth to moderate somewhat if companies become more
