NEW YORK (Standard&Poor's) May 3, 2004--Standard&Poor's Ratings Services today withdrew its 'BBB' corporate credit ratings on Sun Communities Inc. (Sun) and its subsidiary, Sun Communities Operating L.P. At the same time, the ratings on the REIT's senior unsecured debt are withdrawn. Additionally, all ratings are removed from CreditWatch, where they were placed with negative implications on April 8, 2004 following the announcement that Sun had commenced a tender offer to purchase all outstanding senior unsecured notes. At that time, Sun also solicited consent from noteholders to eliminate standard, somewhat more restrictive REIT bond covenants under the indenture, reflecting a change in financial policy that will ultimately and substantially reduce the unencumbered asset base and increase overall
