NEW YORK--(BUSINESS WIRE)--Fitch Ratings has withdrawn the existing ratings for Home Properties, Inc. and its operating partnership Home Properties, L.P. (collectively, Home) following its acquisition by an affiliate of Lone Star Funds.
KEY RATING DRIVERS
The ratings withdrawal reflects that Home's rated obligations were pre-funded, repaid early or cancelled.
--Fitch will not have access to sufficient information to rate the issuer going forward.
FULL LIST OF RATING ACTIONS
The following ratings have been withdrawn:
Home Properties, Inc.
--Issuer Default Rating (IDR) 'BBB'; Rating Watch Negative.
Home Properties, L.P.
--IDR 'BBB'; Rating Watch Negative;
--Unsecured revolving credit facility 'BBB';
--Senior unsecured notes 'BBB';
--Senior unsecured term loans 'BBB'.
Related Committee Date: June 22, 2015
Additional information is available on www.fitchratings.com
Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub. 17 Aug 2015)
Recovery Ratings and Notching Criteria for Equity REITs (pub. 18 Nov 2014)