CLEVELAND, July 10 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today that Standard & Poor's has raised
its corporate credit rating on the Company from B to B+ and raised the
firm's preferred stock rating from CCC to CCC+. At the same time, S&P
revised the Company's outlook from positive to stable.
"We are thrilled that S&P has recognized our efforts to strengthen our
balance sheet and enhance our financial flexibility," said Jeffrey I.
Friedman, chairman, president and CEO.
A copy of the S&P press release can be viewed on the Company's website
at http://ir.aecrealty.com/releases.cfm.
Associated Estates Realty Corporation is a real estate investment trust
("REIT") and is a member of the Russell 2000. The Company, headquartered in
Richmond Heights, Ohio, directly or indirectly owns, manages or is in a
joint venture partner in 99 properties containing a total of 19,969 units
located in 10 states. For more information about the Company, please visit
its website at http://www.aecrealty.com.
For more information, please contact:
Michael Lawson
Vice President of Investor Relations
216-797-8798
mlawson@aecrealty.com
Kimberly Kanary
Manager of Corporate Communications
216-797-8752
kkanary@aecrealty.com
SOURCE Associated Estates Realty Corporation
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Related links:
http://www.aecrealty.com/
CONTACT:
Michael Lawson, Vice President of Investor
Relations, +1-216-797-8798, mlawson@aecrealty.com, or Kimberly
Kanary, Manager of Corporate Communications, +1-216-797-8752,
kkanary@aecrealty.com, both of Associated Estates Realty
Corporation
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