U.S.-based WASH Multifamily Acquisition Inc.'s credit ratios have modestly improved to the mid-6x area from the low-7x area at the end of 2015 despite slightly negative free cash flow. We expect continued satisfactory operating performance and modestly improving EBITDA, which should lead to further strengthening of its credit ratios. We are affirming all our ratings on the company, including our 'B' corporate credit rating, 'B' issue-level rating on the senior secured first-lien credit facilities, and 'B-' issue-level rating on the senior secured second-lien term loan. The outlook is stable, reflecting our expectation that the company will continue to grow revenue and profits through organic growth and tuck-in acquisitions, generate positive free cash flow, and modestly improve leverage to low-6x area
