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Fitch: Aimco outlook negative
Fitch Ratings said it affirmed Apartment Investment and Management Co.'s issuer default rating at BBB-, $475 million corporate term loans at BBB-, $650 million revolving loan commitments at BBB- and $723.5 million of preferred stock at BB+.
The agency affirmed Aimco Properties, LP's issuer default rating at BBB-, $475 million corporate term loans at BBB- and $650 million revolving loan commitments at BBB-.
The outlook was revised to negative from stable.
Fitch said the outlook reflects the company's small pool of unencumbered apartment properties for the BBB- rating level.
The BBB- rating reflects good same-store property performance, strong management team, large and geographically diversified portfolio, strong redevelopment platform and multiple earning streams generated through Aimco's various businesses, the agency said.
Aimco's debt-to-recurring EBITDA ratio was 9x as of June 30.
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