S&P rates Associated Estates notes BBB-

Standard & Poor's said it assigned its BBB- rating and 2 recovery rating to $100 million of senior unsecured notes issued by Associated Estates Realty Corp.

The corporate credit rating on the company remains BB+ and the outlook remains positive. The 2 recovery rating indicates prospects for substantial (70% to 90%) recovery of principal in the event of a payment default.

"Our ratings on Associated Estates reflect the company's 'fair' business risk profile, which is characterized by its smaller scale and weaker market position relative to peers, which results in above-average development exposure and asset concentration, in our view," S&P credit analyst Eugene Nusinzon said in a news release.

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