Looking for the NMHC/InterFace Student Housing conference? Click here.

S&P Upgrades Credit Rating for American Campus Communities

Austin, Texas  — Austin-based American Campus Communities (ACC) has completed a large equity offering that significantly deleveraged the company’s balance sheet and improved its key credit metrics, resulting in an upgrade of the company’s Standard & Poor’s (S&P) corporate credit rating to BBB from BBB-.

S&P’s outlook is stable, and that it will achieve modest growth in its same-store portfolio while delivering fully occupied new development projects currently in process. ACC’s development pipeline currently consists of $307 million worth of projects an average of .11 miles from campus to be delivered in 2016, and $450 million worth of projects an average of .29 miles from campus to be delivered in 2017.

Tagged under