DENVER--(BUSINESS WIRE)--
Apartment Investment and Management Company (“Aimco”) (NYSE: AIV,
AIVPrA, AIVPrZ) announced today that Fitch Ratings (“Fitch”) has
upgraded Aimco to BBB-, with a stable outlook from BB+, with a positive
outlook.
Terry Considine, President and Chief Executive Officer, commented,
“Aimco’s balance sheet strategy focuses on the use of non-recourse,
amortizing, fixed rate property debt and perpetual preferred stock. This
strategy provides for lower entity risk, lower refunding risk and lower
re-pricing risk. Also, as we undertake occasional development, we
consider unfunded development risk in calculating our leverage and
typically secure a commitment of property debt to fund 50% or more of
the construction cost of new building. We are pleased that this strategy
has resulted in our balance sheet being recognized as investment grade
by Fitch.”
Ernie Freedman, Executive Vice President and Chief Financial Officer
added, “We appreciate Fitch’s careful consideration of the safety of
Aimco’s balance sheet. We are pleased to now be rated investment grade
by Fitch in addition to Standard & Poor’s. Aimco is committed to
continuing to improve our balance sheet by further reducing leverage
through amortization of property debt paid from retained earnings, by
increasing earnings as redevelopment and acquisition properties are
stabilized, and by growing our pool of unencumbered properties. While
being rated investment grade allows for future consideration of the use
of unsecured debt, Aimco does not anticipate doing so.”
Aimco is a real estate investment trust that is focused on the ownership
and management of quality apartment communities located in the largest
markets in the United States. Aimco is one of the country's largest
owners and operators of apartments, with 198 communities in 23 states
and the District of Columbia. Aimco common shares are traded on the New
York Stock Exchange under the ticker symbol AIV, and are included in the
S&P 500. For more information about Aimco, please visit our website at www.aimco.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150605005948/en/
Aimco
Investor Relations, 303-691-4350
Investor@aimco.com
or
Elizabeth
Coalson, 303-691-4327
Vice President Investor Relations
Source: Aimco