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S&P: AvalonBay notes at BBB+
Standard & Poor's said it assigned its BBB+ senior unsecured debt rating to the $250 million of 3.95% senior unsecured notes due Jan. 15, 2021 from AvalonBay Communities Inc. (BBB+/stable).
AvalonBay will use proceeds to initially bolster its cash position, but over time, the agency said it expects the company to repay maturing debt and fund investment activity, including new development pursuits.
The agency added that AvalonBay's third-quarter performance reflected the strengthening apartment fundamentals.
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