Moody's Downgrades Post Properties Standing

NEW YORK CITY-It’s not exactly what you’d call Post Time. Atlanta-based Post Properties Inc. has taken another hit with Moody’s Investors Service downgrading its rating from positive to stable. The rating focuses on senior unsecured debt at Post Apartment Homes LP and preferred stock for Post Properties.

The causes, according to Moody’s VP and senior analyst Philip M. Kibel, are many. First came Post’s announcement that earnings were going to lag behind expectations. Then there was a reversal of strategy. Earlier plans to become a nationwide apartment entity fizzled, and Post reportedly sheared off markets to narrow its focus. Finally, a slower lease-up on newly developed properties didn’t help.