from SNL Real Estate Daily
S&P affirms American Homes 4 Rent ratings, changes outlook
Byline: Pam Rosacia
S&P Global Ratings affirmed all of American Homes 4 Rent's ratings, including the single-family home rental real estate investment trust's BBB- issuer credit rating, and changed the company's outlook to positive from stable.
The rating agency noted that strong underlying fundamentals, which helped strengthen the REIT's operating performance and improve its credit protection measures over the past year, continue to benefit the company.
Ratings attributed the positive outlook to a continued favorable operating environment for American Homes and that the company's growth will be funded in a leverage-neutral manner.
"Given the undersupplied housing market in the U.S., we believe the trajectory of AMH's operating performance will continue to deliver positive growth over the next two years, which should support credit metrics in line with current levels," Ratings said in a note.