Fitch Ratings said Thursday that it has affirmed the credit ratings of Sovran Self Storage, Inc. (SSS) and its operating partnership, Sovran Acquisition L.P. including the Issuer Default Rating at 'BBB-'.
The rating agency also said it withdrew the indicative preferred rating as it is no longer considered to be relevant to the agency's coverage and combined the unsecured term notes and term loans ratings.
Fitch said the affirmations reflect the strength of Sovran's credit metrics supported by a strong liquidity position and positive operating fundamentals projected over the next two years. Credit concerns include the company's small-size, geographic concentration and focus on a non-core asset class.
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