Sun Communities Inc. has entered into a definitive agreement to sell 100% of its interests in the Safe Harbor Marinas business to affiliates of Blackstone Infrastructure. While the company?s scale will be reduced following the transaction, it maintains a sizeable portfolio of manufactured housing (MH) and recreational vehicle (RV) communities, and we expect the majority of proceeds will be used to deleverage the balance sheet. We placed all of our ratings on Sun Communities, including our ?BBB? issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects our view that leverage will be materially reduced, with a significant portion of the proceeds expected to be used to repay debt, following the close of the transaction, which we expect
