NEW YORK, NY-- A decrease in liquidity, combined with near-term debt maturities resulted in Fitch placing Sovran Self Storage’s(Sovran) Issuer Default Rating (IDR) on Negative Watch, according to the latest credit analysis update by Fitch Ratings.Sovran’s existing ratings are supported by strong coverage metrics and solid operating performance. Fitch placed Sovran’s IDR on Rating Watch N
egative on April 8, 2008 Fitch's latest credit analysis update on Sovran, which provides more detail supporting Fitch's rating actions, is available on the Fitch Ratings website at ' http://www.fitchratings.com.
egative on April 8, 2008 Fitch's latest credit analysis update on Sovran, which provides more detail supporting Fitch's rating actions, is available on the Fitch Ratings website at ' http://www.fitchratings.com. Fitch currently rates Sovran and affiliate Sovran Acquisition Limited Partnership (SALP) as follows: Sovran--IDR 'BBB-'.SALP--IDR 'BBB-';--Senior unsecured revolving credit facility 'BBB-';--Senior unsecured term notes 'BBB-'.
Primary credit strengths include the following:--Strong fixed-charge coverage;--Solid property-level fundamentals;--Manageable leverage and adequate risk-adjusted capital.
Primary credit concerns include the following:--Limited liquidity;--Significant near-term debt maturities;--Geographic concentration.
Contacts:
Steven Marks
+1-212-908-9161 or Sean Pattap
+1-212-908-0642, NewYork.
Sandro Scenga
Director Corporate Communications
Fitch Ratings
+1-212-908-0278
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