S&P upgrades Greystar

Standard & Poor’s said it raised the issuer credit rating on Greystar Real Estate Partners LLC to BB- from B+.

The agency also said it raised the rating on Greystar’s $250 million senior secured notes to BB- from B+. The recovery rating is 3H, indicating 50% to 70% expected default recovery.

The outlook is stable.

The upgrades reflect the company’s stronger financial performance and an expectation that its debt-to-EBITDA ratio will remain between 3x and 4x on a sustained basis, S&P said.

The decline was largely the result of the successful integration of its 2014 acquisition of Riverstone National Inc. and stronger financial performance in each of its main operating segments, the agency said.

The ratings also consider Greystar’s good market position in the fragmented, niche sector of multi-family property management, which was further fortified by the Riverstone acquisition, S&P said.

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