Fitch affirms Home Properties

Fitch Ratings said it affirmed Home Properties, Inc. as follows: issuer default rating BBB, bank credit facility BBB, exchangeable senior notes BBB and preferred securities shelf BBB-.

The outlook is stable.

Fitch said its ratings reflect positively on Home Properties portfolio of assets in primarily strong East Coast markets, its capital improvement strategy and its healthy operating performance.

Home Properties exited its low-growth markets in Detroit and Upstate New York to turn its focus exclusively on high growth/high barrier to entry suburban markets along the East Coast, according to Fitch, which added that the company's operating strategy is to acquire older class B/C garden apartment communities and to upgrade/reposition them.

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