S&P revises American Campus Communities view

S&P said it revised American Campus Communities, Inc.’s outlook to stable from negative, and affirmed its ratings, including the BBB issuer credit rating on the company and BBB issue-level rating on its senior unsecured notes.

The agency said the company’s operating performance and cash flow generation stabilized ahead of initial expectations for the 2021-2022 academic year, with occupancy nearing pre-pandemic levels.

“This improvement in EBITDA, coupled with proceeds from recently announced joint venture (JV) asset sales in 2021 and 2022, should support a return to pre-pandemic credit metrics over the next year, with debt to EBITDA declining to the mid-to-low-7x area on our adjusted basis,” the agency said in a news release.

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