S&P changes AvalonBay outlook to positive

Standard & Poor's said it revised its outlook on AvalonBay Communities Inc. to positive from stable.

At the same time, the agency affirmed the BBB+ corporate credit rating on the company and the BBB+ rating on its senior unsecured notes.

"We expect the company's well-positioned apartment portfolio to benefit from favorable, but decelerating apartment fundamentals, which will support modest cash flow growth," S&P credit analyst George Skoufis said in a news release.

The agency also expects the company will continue to pursue a conservative financing strategy, while it engages in meaningful development-oriented growth.

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