Fitch: Sovran on watch

Fitch Ratings said it placed the issuer default rating and outstanding debt ratings of Sovran Self Storage Inc. and Sovran Acquisition Ltd. Partnership on rating watch negative as follows: issuer default rating at BBB-, senior unsecured revolving credit facility BBB- and senior unsecured term notes BBB-.

Fitch said it has also withdrawn the ratings of Sovran's preferred stock, as Sovran no longer has any preferred stock outstanding.

The rating watch negative stems from Sovran's significant decrease in liquidity relative to prior periods, primarily driven by the lack of availability under the company's fully drawn $100 million revolving line of credit that matures in September 2008 and a modest amount of availability on a $40 million term loan also maturing in 2008, Fitch noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.