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S&P assigns BBB- to American Campus notes
Standard & Poor's said it assigned its BBB- corporate credit rating to American Campus Communities Operating Partnership LP, a subsidiary of American Campus Communities Inc. S&P also assigned a BBB- issue-level rating to American Campus Communities' proposed offering of $300 million senior unsecured notes due 2023.
The notes are being issued by American Campus Communities Operating Partnership LP and guaranteed by American Campus Communities Inc.
"Standard & Poor's ratings on Austin-based American Campus Communities (ACC) reflect the REIT's 'satisfactory' business risk profile as marked by favorable demand characteristics for student housing properties, a well-located portfolio, and a seasoned management team," said credit analyst Matthew Lynam in a news release. "We consider the financial risk profile to be 'intermediate' as demonstrated by moderate balance sheet leverage, strong coverage metrics, and adequate liquidity."
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