NEW YORK (Standard&Poor's CreditWire) Nov. 7, 2000--Standard&Poor's today affirmed its triple-'B' ratings on Sun Communities Inc. and Sun Communities Operating L.P. The outlook is stable (see list). The rating affirmations reflect Sun's conservatively leveraged capital base, stable cash flow, and strong debt service coverage. These strengths are somewhat offset by the company's geographic concentration as well as uncertainty with regard to how troubled conditions within the manufactured homebuilding industry could ultimately impact Sun. Farmington Hills, Mich.-based Sun is one of the nation's leading owners, operators, and developers of manufactured housing communities, with over 100 properties and about 39,000 developed home sites in 15. The portfolio has some geographic concentration, as Florida and Michigan combine to contribute
