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Article: Fitch Places Sovran's 'BBB-' IDR on Rating Watch Negative on Liquidity Concerns.
- Article from:
- Business Wire
- Article date:
- April 9, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings has placed the Issuer Default Rating (IDR) and outstanding debt ratings of Sovran Self Storage Inc. and Sovran Acquisition Limited Partnership (together, Sovran) on Rating Watch Negative as follows.
--IDR 'BBB-';
--Senior unsecured revolving credit facility 'BBB-';
--Senior unsecured term notes 'BBB-'.
The action affects approximately $450 million of debt. Fitch has also withdrawn the ratings of Sovran's preferred stock, as Sovran no longer has any preferred stock outstanding.
The Rating Watch Negative stems from Sovran's significant decrease in liquidity relative to prior periods, primarily driven by ...