Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Sun Communities, Inc.

Sun Communities Inc. Ratings Placed on Watch Negative After Announced Tender Offer

Published Apr 08, 2004

Price US$ 150.00 | Buy this Report Now

About This Report

Abstract:

NEW YORK (Standard&Poor's) April 8, 2004--Standard&Poor's Ratings Services today placed its 'BBB' ratings on Sun Communities Inc. (Sun) and its subsidiary, Sun Communities Operating L.P., on CreditWatch with negative implications. The CreditWatch placements affect $350 million of senior notes. The CreditWatch placements follow a recent announcement that Sun has commenced a tender offer to purchase all outstanding senior unsecured notes at par value plus a specified spread over the yield to maturity. Sun is also soliciting noteholders' consent to eliminate the restrictive covenants under the indenture. Sun will pay $30 per $1,000 of principal amount of the tendered notes to holders who properly tender their notes and consent by April 19, 2004. Depending upon the degree

Report Type:

Ratings Action

Ticker

SUI

Issuer

Sun Communities, Inc.

GICS

Residential REIT's (40402050)

Sector

Global Issuers , Structured Finance

Country

United States

Region

United States

Format:

HTML

Sun Communities Ratings Withdrawn After Completion of Tender Offer – 2004/05/03 – US$ 150.00

Research Update: Sun Communities Inc. Rated 'BBB' On Strong Operating Performance And Improved Credit Protection Metrics; Outlook Stable – 2021/06/14 – US$ 225.00

Sun Communities Inc. – 2022/07/19 – US$ 500.00

Research Update: Sun Communities Inc. Ratings Affirmed On Solid Operating Performance, Outlook Stable – 2023/07/17 – US$ 225.00

Tear Sheet: Sun Communities Inc. – 2023/11/14 – US$ 500.00

Sun Communities Inc. – 2001/08/22 – US$ 500.00

Sun Communities 'BBB' Corporate Credit Rating Affirmed; Outlook Stable – 2001/07/11 – US$ 150.00

Sun Communities Inc. and Sun Communities Operating L.P. 'BBB' Corp. Credit Rating Affirmed – 2000/11/07 – US$ 150.00

S&P Affirms BBB Rtgs on Sun Communities – 1998/12/28 – US$ 150.00

Summary: Sun Communities, Inc. – 1997/01/22 – US$ 225.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author

Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Sun Communities Inc. Ratings Placed on Watch Negative After Announced Tender Offer" Apr 08, 2004. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Sun-Communities-Inc-Ratings-Placed-on-Watch-Negative-After-Announced-Tender-Offer-368596>

APA:	S&P Global Ratings’ Credit Research. (). Sun Communities Inc. Ratings Placed on Watch Negative After Announced Tender Offer Apr 08, 2004. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Sun-Communities-Inc-Ratings-Placed-on-Watch-Negative-After-Announced-Tender-Offer-368596>

US$ 150.00

$ £ €

Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

Example Report

Click to View Sample Report

More Research

Search all our Residential Mortgage-Backed Securities from one place.