Equinix Inc. #BB+# Rating Outlook New Senior Unsecured Debt Rated #BB+# (Recovery Rating: 3)

Stocks and Financial Services Press Releases Wednesday March 8, 2017 09:19
NEW YORK--8 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 7, 2017--S&P Global Ratings today said itaffirmed all ratings on Redwood City, Calif.-based Equinix Inc., including the'BB+' corporate credit rating. The outlook is stable.

At the same time, we assigned our 'BB+' issue-level rating and '3' recoveryrating to the company's proposed $1.125 billion unsecured notes with ananticipated maturity of 10 years. The '3' recovery rating indicates ourexpectation for meaningful recovery (50%-70%; 60% rounded estimate) in apayment default scenario.

"The rating affirmation follows the company's announcement that it will use abalanced mix of debt and equity to fund the $3.6 billion acquisition of 29data centers from Verizon, resulting in S&P-adjusted debt to EBITDA remainingconsistent with our expectations for the rating in the mid-4x area in 2017 (up

from 4.1x last quarter annualized)," said S&P Global Ratings credit analystChris Mooney.

The stable outlook reflects our expectation that debt to EBITDA will remain inthe mid-4x area in 2017, improving to the low-4x area in 2018 as higher debtto fund capital investments, acquisitions, and dividend distributions largelyoffset earnings growth.


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