S&P affirms Apartment Investment and Management

Standard & Poor's said it affirmed its ratings on Apartment Investment and Management Co. and removed them from Creditwatch, where they were placed with negative implications on March 6.

The outlook is negative.

"The rating actions affect roughly $624 million in preferred stock and follow a review of the company's business and financial plan, as well as a reassessment of its own stress scenario, in light of deteriorating economic conditions and continued constrained finance markets," said credit analyst George Skoufis.

Multifamily rental fundamentals will continue to weaken as job losses mount, which will pressure Apartment Investment and Management's cash flow and currently adequate debt coverage measures, the agency said.

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