Moody's rates Apartment Investment Ba1

Moody's Investors Service said it assigned a Ba1 corporate family rating to Apartment Investment and Management Co. and affirmed the REIT's preferred equity rating at Ba3.

The outlook is stable.

The agency said the REIT's Ba1 corporate family rating reflects its material leverage, largely encumbered portfolio and modest fixed charge coverage.

Offsetting these challenges, Apartment Investment enjoys a geographically diverse asset base, improving tenant quality, staggered debt maturities and recent operational upgrades, Moody's said.

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