Shelby Drops to BB

DeSue, Tedra
March 2005
Bond Buyer;3/3/2005, Vol. 351 Issue 32082, p31
Trade Publication
The article reports that Standard & Poor's Corp.'s bonds have downgraded to BB from BBB. According to Standard & Poor's analyst Ryan Fitzpatrick, there was a drop in net operating income in 2003 and 2004, resulting in debt service coverage of 1.06 times and 1.10 times, respectively. The properties are also at a disadvantage because of the sluggish multifamily housing market.


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