Fitch: Mid-America note BBB

Fitch Ratings said it assigned a BBB rating to the $135 million of senior unsecured notes issued by Mid-America Apartments, LP, the operating partnership of Mid-America Apartment Communities, Inc.

The notes were issued in a private placement at par consisting of three tranches: $50 million 4.68% notes due 2018; $72.75 million 5.40% notes due 2021; and $12.25 million 5.57% notes due 2023.

The weighted average term of the three tranches is 9.1 years with a weighted average interest rate of 5.15%, Fitch said.

The proceeds will be used to repay an $80 million portion of outstanding debt under its secured credit facilities and for general corporate purposes, the agency said.

Both companies have an issuer default rating of BBB.

The outlook is stable.

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