S&P upgrades Associated Estates

Standard & Poor's said it raised its corporate credit rating on Associated Estates Realty Corp. to BBB- from BB+.

The outlook is stable.

At the same time, the agency affirmed its senior unsecured ratings on the company's debt at BBB- and withdrew the 2 recovery ratings.

"Our assessment of Associated Estate's 'fair' business risk profile reflects the company's small, but good-quality apartment portfolio in predominantly suburban Midwest, Mid-Atlantic, Southeast, and Southwest markets that we believe exhibit high single-family housing affordability and meaningful new supply risk in select markets," S&P credit analyst Lisa Sarajian said in a news release.

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