Aimco Upgraded to BBB- by Standard & Poor’s
March 19 2015 - 4:18PM
Business Wire
Apartment Investment and Management Company (“Aimco”) (NYSE:
AIV, AIVPrA, AIVPrZ) announced today that Standard & Poor’s
Rating Services (“S&P”) has upgraded Aimco to BBB- from BB+.
S&P’s Stable Outlook for Aimco is unchanged.
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.”
Ernie Freedman, Executive Vice President and Chief Financial
Officer added, “We appreciate S&P’s careful consideration of
the safety of Aimco’s balance sheet and we are pleased that this
upgrade has come sooner than we had anticipated. 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 an investment grade rating 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 203
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.
AimcoElizabeth Coalson, 303-691-4327Vice President
Investor RelationsorInvestor Relations,
303-691-4350Investor@aimco.com
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