S&P ups Associated Estates outlook to positive

Standard & Poor's said it revised its outlook on Associated Estates Realty Corp. to positive from stable.

Concurrently, the B corporate credit rating and the CCC preferred stock rating are affirmed, the agency said, noting that the outlook revision reflects strengthening in the company's core markets, its expectation for stronger debt protection measures and an improving portfolio and balance sheet.

S&P said that the existing ratings acknowledge a concentration in weaker multifamily markets and an aggressive financial profile characterized by weak coverage measures, high leverage, limited financial flexibility and a high level of encumbered assets.

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