Moody's Upgrades American Tower Rating

NEW YORK (AP) — Moody's raised its ratings for American Tower Corp.'s senior unsecured debt by one notch to "Baa3," its lowest investment-grade rating, from "Ba1" Monday, citing strong operating performance, increased cash flow and reduced debt over the past two years.

Moody's said that as part of the upgrade it withdrew the broadcast and communications tower operator's "Ba1" junk corporate family rating and probability of default rating.

The ratings service said the change impacts $2.95 billion of rated debt securities.

Moody's also changed its ratings outlook for American Tower to "Stable" from "Positive."

Shares of the company rose 79 cents, or 2.2 percent, to close at $36.44.