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S&P moves Greystar view to positive
S&P said revised the outlook on Greystar Real Estate Partners LLC to positive from stable and affirmed its BB- issuer credit and issue ratings.
The agency also affirmed the rating on Greystar's 5¾% senior secured debt due December 2025 at BB-. The 3 recovery rating is unchanged, indicating meaningful recovery (50%-70%) in default.
“The outlook revision reflects Greystar's existing market position in multifamily property management, better-than-expected performance throughout the pandemic, and our view that the company will operate with leverage below 3x on a sustained basis,” S&P said in a press release. As of June 30, Greystar's leverage was 2.1x versus 2.4x at year-end 2021 and 3x in June 2021.
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