S&P rates American Homes preferreds BB

S&P said it assigned a BB rating to American Homes 4 Rent's $150 million 5.875% series F cumulative redeemable perpetual preferred shares.

The proceeds will be used to pay down existing term debt and for general corporate purposes, S&P said.

The BBB- corporate credit rating reflects an assessment of the company's significant scale, diverse geographic markets and relatively efficient operating platform as the second-largest publicly traded single-family rental operator in the United States, the agency said.

American Homes has modest geographic concentration in relatively low-entry barrier cities, but these cities have demonstrated stable economic fundamentals and healthy population and job growth, S&P said.

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