Moody's Downgrades Colonial Realty

NEW YORK (AP) — Moody's Investors Service on Tuesday lowered the ratings of Colonial Realty Limited Partnership and Colonial Properties Trust on concerns about its high debt levels and slowed growth in the difficult economy.

Colonial Properties Trust is a real estate investment trust based in Birmingham, Ala., that owns and manages properties located in Sunbelt states, with a focus on multifamily sites.

Moody's downgraded the ratings on the partnership's senior debt to "Ba1" from "Baa3" and the preferred stock rating for the trust to "Ba2" from "Ba1". The outlook remains negative. ...