S&P upgrades AvalonBay

Standard & Poor’s said it raised the corporate credit rating on AvalonBay Communities Inc. to A- from BBB+, along with the rating its senior unsecured notes to A- from BBB+.

The outlook is stable.

The upgrades reflect the company’s well-positioned and managed portfolio located in high-barrier coastal markets and the larger size and scale of the portfolio after the integration of the 2013 Archstone portfolio acquisition, S&P said.

The company’s conservative financing strategy and strong credit metrics help mitigate the risk associated with a predominately development-oriented growth strategy, the agency said.

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