...March 21, 2024 S&P Global Ratings believes the pulled bond offering was opportunistic, and the company has ample liquidity over the next two years. The company decided to pull a proposed bond deal due to volatility in the market following a short seller report. We believe the planned issuance was opportunistic, and the company could not achieve best execution by pricing on the same day the report was released. We believe the company has ample liquidity to fund its operational and financial obligations, which includes access to capital to fund profitable expansion. Our rating reflects our view that Equinix's interconnected ecosystem provides a competitive advantage. At the core of Equinix' customer base are more than 2,000 network providers that connect with each other to form the backbone of the internet at over 6,830 worldwide internet exchange ports. In turn, these interconnected facilities become a vital destination for cloud service providers (CSPs) looking for access to a variety of...
