Newsletters

Wall Street Watch

MOODY'S CONFIRMS RATINGS OF APARTMENT INVESTMENT AND MANAGEMENT COMPANY (PREFERRED STOCK AT Ba3); RATING OUTLOOK REVISED TO STABLE Approximately US$680…

By remstaff | Globe Street | | Updated on June 12, 2002

MOODY’S CONFIRMS RATINGS OF APARTMENT INVESTMENT AND MANAGEMENT COMPANY
(PREFERRED STOCK AT Ba3); RATING OUTLOOK REVISED TO STABLE

Approximately US$680 Million of Securities Affected.

New York, June 11, 2002 — Moody’s Investors Service has confirmed its Ba3 preferred stock rating of Apartment Investment and Management Company (AIMCO), and simultaneously changed the REIT’s rating outlook to stable, from negative. According to Moody’s, this revised outlook reflects AIMCO’s successful implementation of its financing strategy and management of the integration of the $1.5 billion Casden Properties apartment portfolio acquisition. In particular, the REIT has reduced its short-term debt with proceeds from a $370 million common stock issue, a $50 million preferred equity issue and asset sales proceeds. The REIT’s ability to raise capital given tougher market conditions is a credit positive. Moreover, AIMCO has continued to make significant operational improvements following the Casden acquisition.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Resource Center

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Assessment

Sponsored by Cherre

Enabling Stakeholder Confidence in Your Data: A Self-Assessment for Real Estate Organizations

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.