Fitch Ratings said Wednesday that it has upgraded the credit ratings of Camden Property Trust (CPT), including the company's Issuer Default Rating to 'BBB+' from 'BBB'.
The Rating Outlook is Stable. The upgrade of Camden's IDR reflects fixed-charge coverage that Fitch expects will continue to increase predominantly due to favorable multifamily property fundamentals across the portfolio.
The upgrade also reflects ongoing reductions in leverage via the funding of acquisitions and development with equity, and management's solid stewardship of the portfolio, which entails selling older communities.
Additionally, the upgrade reflects a mostly unencumbered portfolio that provides financial flexibility as well as value to bondholders as evidenced by robust unencumbered asset coverage.
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