S&P affirms BRE Properties

Standard & Poor's said it affirmed its BBB corporate credit, BBB senior unsecured and BBB- preferred stock ratings on BRE Properties Inc., affecting roughly $1.3 billion in senior notes.

The outlook remains stable.

The agency said that the ratings reflect a sound core portfolio of assets with a manageable development pipeline, which is poised to provide additional growth given an improving multifamily sector.

The company's geographically concentrated but focused investment strategy is also supported by a moderate financial profile, S&P said, noting that offsetting credit considerations include a larger and more varied development pipeline and historically weaker debt coverage.

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