NEW YORK (Standard&Poor's CreditWire) July 11, 2001--Standard&Poor's today affirmed its triple-'B' corporate credit rating on Sun Communities Inc. and Sun Communities Operating L.P. The outlook is stable. The affirmations reflect the portfolio's historically strong occupancy levels, very low tenant turnover, modest but predictable rent increases, and low recurring capital expenditure requirements. The resulting stable and predictable cash flow supports appropriate coverage measures. However, coverage measures may become more volatile as an increasing percentage of the company's revenues are derived from nontraditional sources. Farmington Hills, Mich.-based Sun Communities (Sun) is one of the nation's leading owners, operators, and developers of manufactured housing communities, with more than 100 properties and about 38,000 developed home sites in 15 states.
