Fitch affirms Associated Estates Realty

Fitch Ratings said it affirmed the credit ratings for Associated Estates Realty Corp., including the issuer default rating at BBB-; the $350 million unsecured revolving credit facility at BBB-; the $150 million senior unsecured term loans at BBB-; and the $250 million senior unsecured notes at BBB-.

The outlook is stable.

The affirmation of Associated Estates’ issuer default rating at BBB- reflects strong expected fixed charge coverage for the rating, driven by favorable albeit decelerating property fundamentals in the company’s multifamily markets in the Midwest, mid-Atlantic, Southeast and Dallas. Credit strengths also include low leverage for the BBB- rating, and adequate liquidity, driven by a strong revolver capacity and limited near-term debt maturities, Fitch said.

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