American Tower, Crown Castle debt ratings upgraded by Moody’s: Moody’s: Wireless tower sector outlook likely to remain favorable through the next several years

Moody’s Investor Services announced on Monday, October 5 that it had upgraded debt ratings for both American Tower Corporation and Crown Castle International Corp.
American Tower’s senior unsecured debt rating was raised from Ba1 to Baa3. Moody’s noted Amercian Tower’s “strong operating performance, significant deleveraging and strong cash flow growth” over the past two years in announcing it’s decision to make the upgrade.
Crown Castle’s corporate family rating was raised from Ba3 to Ba2. The upgrade was said to reflect the “strength in [Crown Castle’s] financial and operational performance that is expected to continue over the rating horizon.”
The American Tower upgrade is particularly significant as the new rating classifies the company’s senior unsecured debt as investment grade. In discussing the decision to upgrade American Tower, Moody’s noted its belief that the business outlook of the wireless tower sector is likely to remain favorable through the next several years.