S&P: Greystar view to positive

S&P said it revised its outlook on Greystar Real Estate Partners LLC to positive from stable and affirmed its issuer credit rating at BB-.

At the same time, the agency affirmed its BB- senior secured debt rating. The recovery rating of 3 remains unchanged and indicates an expectation for meaningful recovery (50%-70%; upper half of the range) of principal in the event of a payment default.

"The revised outlook reflects the company's reduced leverage at 3.10x as measured by debt to EBITDA and that the firm may further lower leverage to under 3.0x over the next 12 months," S&P credit analyst Gaurav Parikh said in a news release.

The outlook also incorporates the firm's favorable market position in multifamily property management services and its sturdy profitability, the agency added.

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