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S&P: Mid-America notes BBB
Standard & Poor’s said it assigned a BBB rating to the $400 million 3.75% senior notes recently issued by Mid-America Apartments LP, which is the operating partnership of Mid-America Apartment Communities Inc.
The existing ratings on Mid-America, including its BBB corporate credit rating, are unchanged.
The outlook is stable.
The proceeds will be used to repay $198 million of secured debt and use the balance to retire $192 million of bonds that were previously issued by Colonial Properties Trust, which Mid-America acquired in October 2013, S&P said.
The new debt-for-debt financing will not affect the existing ratings or stable outlook on Mid-America, the agency added.
S&P said it does acknowledge, however, the benefits of the company’s expanding unencumbered asset base.
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