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Moody’s: Post Properties view to positive
Moody's Investors Service said it affirmed the Baa2 senior unsecured rating for Mid-America Apartments, LP.
The outlook remains positive.
Moody's also said it affirmed all of the ratings of Post Properties Inc., including its Baa2 senior unsecured rating and revised its outlook to positive from stable.
News that Mid-America would buy Post Properties for about $3.9 billion in an all-stock deal is credit positive for both real estate investment trusts, Moody’s said.
With the newly formed company, Mid-America will have a market capitalization of about $17 billion, the agency noted.
Post-merger, Mid-America will have a meaningfully larger asset base, leading the REIT to realize greater economies of scale that will drive operating cost benefits and lower its cost of capital, Moody’s said.
Mid-America’s credit metrics also will improve even further with lower leverage and lower secured debt levels, the agency added.
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