Sun Communities, Inc. Receives Investment Grade Ratings from S&P and Moody's

Rhea-AI Summary

Sun Communities, Inc. (NYSE: SUI) announced on June 14, 2021, that it has achieved investment grade ratings from S&P Global Ratings (BBB) and Moody's Investor Service (Baa3), both with stable outlooks. This recognition reflects the Company’s robust balance sheet management, strong operational history, and industry-leading status. CEO Gary Shiffman highlighted that these ratings will enhance the Company’s growth strategy, providing improved access to capital and lower costs. As of March 31, 2021, Sun Communities operates 562 properties across 39 states and Ontario, Canada.

Positive

• Achieved investment grade ratings from S&P (BBB) and Moody's (Baa3) with stable outlooks.
• Recognition highlights strong balance sheet management and operational excellence.
• Ratings will enhance growth strategy, providing better access to capital and reduced cost of capital.

Negative

• None.

Southfield, MI, June 14, 2021 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (“the Company”), a real estate investment trust (“REIT”) that owns and operates or has an interest in manufactured housing (“MH”) communities, recreational vehicle (“RV”) resorts and marinas, today announced that it has received investment grade ratings from S&P Global Ratings and Moody’s Investor Service. S&P Global Ratings has assigned a BBB issuer rating to the Company with a stable outlook and Moody's Investors Service has assigned a Baa3 issuer rating to the Company with a stable outlook.

“We are extremely pleased to announce that we have received our inaugural credit ratings from S&P and Moody’s,” stated Gary Shiffman, Chief Executive Officer. “The investment grade ratings received from both agencies recognize Sun’s attention to balance sheet stewardship, strong operating track record, resilience and industry-leading position. These ratings represent another important milestone in Sun’s ongoing evolution as we continue to grow our portfolio and further strengthen our balance sheet. We believe these ratings will allow us to continue to execute on our growth strategy with additional flexibility, broadened access to capital and incremental improvements to our overall cost of capital.”

About Sun Communities, Inc.

Sun Communities, Inc. is a REIT that, as of March 31, 2021, owned, operated, or had an interest in a portfolio of 562 developed MH, RV and marina properties comprising over 151,600 developed sites and nearly 38,800 wet slips and dry storage spaces in 39 states and Ontario, Canada.

For Further Information at the Company:

Karen J. Dearing
Chief Financial Officer
(248) 208-2500
www.suncommunities.com

 

FAQ

What are the new credit ratings for Sun Communities, Inc.?

Sun Communities, Inc. has received investment grade ratings of BBB from S&P Global Ratings and Baa3 from Moody's, both with stable outlooks.

How will the new ratings affect Sun Communities, Inc. stock?

The new credit ratings are expected to improve Sun Communities' access to capital and lower cost of capital, which may positively influence its stock performance.

What is the significance of the credit ratings for SUI?

The investment grade ratings signify strong financial health and management, allowing SUI to pursue growth strategies more effectively.

When were the credit ratings for Sun Communities announced?

The credit ratings were announced on June 14, 2021.