Fitch rates Camden notes BBB

Fitch Ratings said it assigned BBB credit ratings to the $250 million of 4.625% senior notes due June 2021 and the $250 million of 4.875% senior notes due June 2023 issued by Camden Property Trust. The 10-year 4.625% notes were issued at 99.404% of par value to yield 4.7% to maturity, and the 12-year 4.875% notes were issued at 99.878% of par value to yield 5% to maturity.

The outlook is stable.

The company intends to use the proceeds together with cash on hand to repay in full its $500 million unsecured term loan due in October.

As of March 31, Camden owned interests in, operated or were developing 190 multifamily properties comprising 64,509 apartment homes across the United States, the agency noted. Camden had $5.9 billion in gross book assets, an equity market capitalization of $4.4 billion and a total market capitalization of $6.9 billion.

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