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S&P upgrades UDR
Standard & Poor’s said it raised the rating on UDR Inc. to BBB+ from BBB, along with the rating on its senior unsecured notes to BBB+ from BBB.
The outlook is stable.
The upgrades reflect an improvement in UDR’s competitive position based upon its large and relatively diverse portfolio of apartment properties with above-average asset quality, S&P said.
Credit metrics are expected to continue to strengthen, the agency added.
As of March 31, the company’s debt-to-EBITDA was 6.9x and this ratio is expected to decline further as EBITDA strengthens, S&P said.
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