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Moody's downgrades AMLI
Moody's Investors Service said it lowered the senior unsecured rating, including the senior unsecured bank credit facility rating, of AMLI Residential Properties LP (the operating partnership) to Ba1 from Baa3 and the preferred stock rating of AMLI Residential Properties Trust (the REIT) to Ba3 from Ba2.
The outlook is stable.
According to Moody's, these rating actions reflect AMLI's continuing weakness in earnings and moderate deterioration in credit metrics. The key rating driver was the enduring supply and demand imbalance in AMLI's markets, which continue to pressure the REIT's property net operating income and, as a consequence, fixed charge coverage.
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