Fitch Lowers Ratings For Camden Property
Stock quotes in this article:
CPT
NEW YORK (AP) Fitch Ratings lowered its ratings on real estate investment trust Camden Property Trust Tuesday because of slower occupancy rate growth and the weak economy's impact on the real estate market.
Fitch downgraded the company's issuer default, unsecured credit and term loan, and medium term unsecured notes ratings to "BBB" from "BBB+," both of which are lower medium grade ratings. Fitch also downgraded the perpetual preferred stock rating to "BBB-" from "BBB." All are lower medium grade ratings. Fitch also revised the outlook to negative from stable. "The negative rating outlook reflects weakening property operating fundamentals in Camden Property Trust's markets," Fitch said in a statement. Shares of Houston-based Camden Property Trust closed at $21.89 Tuesday.- Loading Comments...
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