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Fitch Rates Mid-America Apartments, L.P.'s $135MM Sr. Unsecured Notes 'BBB'

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^{Published in Business and Finance on Monday, August 1st 2011 at 10:16 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings assigns a 'BBB' rating to the $135 million senior unsecured notes issued by Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, Inc. (NYSE: MAA). The notes were issued in a private placement at par consisting of three tranches: $50 million 4.68% notes due 2018; $72.75 million 5.40% notes due 2021; and $12.25 million 5.57% notes due 2023. The weighted average term of the three tranches is 9.1 years with a weighted average interest rate of 5.15%.

MAA expects to use the net proceeds to repay an $80 million portion of outstanding debt under its FNMA secured credit facilities and for general corporate purposes. Fitch's Issuer Default Rating (IDR) of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. is 'BBB'. The Rating Outlook is Stable.

For additional information, please refer to Fitch's full rating report, 'Mid-America Apartment Communities, Inc.' dated July 1, 2011, available at '[ www.fitchratings.com ]'.

Additional information is available at '[ www.fitchratings.com ]'.

Applicable Criteria and Related Research:

--Recovery Rating and Notching Criteria for Equity REITs, May 12, 2011;

--Criteria for Rating U.S. Equity REITs and REOCs, March 15, 2011;

--Corporate Rating Methodology, Aug. 16, 2010;

--Parent and Subsidiary Rating Linkage, July 14, 2010.

Applicable Criteria and Related Research:

Criteria for Rating U.S. Equity REITs and REOCs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=610687 ]

Corporate Rating Methodology - Amended

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646 ]

Parent and Subsidiary Rating Linkage Criteria Report

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=534826 ]

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