S&P affirms Colonial Properties

Standard & Poor's said it affirmed its BB+ corporate credit rating on Colonial Properties Trust, along with the BB+ issue-level rating and 3 recovery rating on the company's $745 million senior unsecured notes, indicating an expectation for 50% to 70% recovery in the event of a default.

The outlook is stable.

The ratings reflect the company's comparatively young portfolio of good quality secondary market apartment units and commercial properties, weaker but stable coverage measures and improved leverage position, the agency said.

The ratings also consider the company's adequate liquidity profile, manageable near-term debt maturity schedule, reduced off-balance-sheet arrangements and reduced development exposure, S&P said.

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