Fitch affirms Sovran

Fitch Ratings said it affirmed Sovran Self Storage, Inc. and Sovran Acquisition Ltd. Partnership's issuer default rating, $125 million senior revolving credit facility, $150 million senior term loan and $250 million of senior term notes at BBB-.

Fitch said it also assigned a BB indicative preferred stock rating for Sovran Self Storage.

The outlook is stable.

The affirmation of Sovran's ratings reflect that although the company has faced a difficult operating environment since late 2008, its credit profile remains consistent with the BBB- rating, Fitch said.

The ratings consider the company's strong unencumbered asset coverage of debt, solid leverage and fixed charge coverage metrics, Fitch said.

The ratings also consider low liquidity, geographic concentration and limited demonstrated access to the capital markets.

The debt-to- EBITDA ratio for the 12 months ended Sept. 30 was 4.4 times.

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