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S&P affirms AvalonBay
Standard & Poor's said it affirmed its BBB+ corporate credit and senior unsecured debt ratings on AvalonBay Communities Inc.
At the same time, the agency said that it affirmed its BBB rating on the company's preferred stock.
Additionally, S&P said it revised its outlook on the company to stable from positive.
The agency noted that the outlook revision was driven by the company's significant development pipeline combined with macroeconomic weakness, which reduces the likelihood that it will raise its ratings on AvalonBay in the near future.
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