Aimco Upgraded to BBB- by Fitch
June 05 2015 - 4:05PM
Business Wire
Apartment Investment and Management Company (“Aimco”) (NYSE:
AIV, AIVPrA, AIVPrZ) announced today that Fitch Ratings (“Fitch”)
has upgraded Aimco to BBB-, with a stable outlook from BB+, with a
positive outlook.
Terry Considine, President and Chief Executive Officer,
commented, “Aimco’s balance sheet strategy focuses on the use of
non-recourse, amortizing, fixed rate property debt and perpetual
preferred stock. This strategy provides for lower entity risk,
lower refunding risk and lower re-pricing risk. Also, as we
undertake occasional development, we consider unfunded development
risk in calculating our leverage and typically secure a commitment
of property debt to fund 50% or more of the construction cost of
new building. We are pleased that this strategy has resulted in our
balance sheet being recognized as investment grade by Fitch.”
Ernie Freedman, Executive Vice President and Chief Financial
Officer added, “We appreciate Fitch’s careful consideration of the
safety of Aimco’s balance sheet. We are pleased to now be rated
investment grade by Fitch in addition to Standard & Poor’s.
Aimco is committed to continuing to improve our balance sheet by
further reducing leverage through amortization of property debt
paid from retained earnings, by increasing earnings as
redevelopment and acquisition properties are stabilized, and by
growing our pool of unencumbered properties. While being rated
investment grade allows for future consideration of the use of
unsecured debt, Aimco does not anticipate doing so.”
Aimco is a real estate investment trust that is focused on the
ownership and management of quality apartment communities located
in the largest markets in the United States. Aimco is one of the
country's largest owners and operators of apartments, with 198
communities in 23 states and the District of Columbia. Aimco common
shares are traded on the New York Stock Exchange under the ticker
symbol AIV, and are included in the S&P 500. For more
information about Aimco, please visit our website at www.aimco.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150605005948/en/
AimcoInvestor Relations,
303-691-4350Investor@aimco.comorElizabeth Coalson, 303-691-4327Vice
President Investor Relations
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