Sovran Unsecured Debt Affirmed at BBB-

NEW YORK CITY-The senior unsecured debt rating for Sovran Acquisition Limited Partnership, the principal operating subsidiary of Sovran Self Storage, has been affirmed at BBB- by Fitch, the international rating agency headquartered here and in London. It also affirmed its BB+ rating for its outstanding $30 million 9.85% cumulative preferred stock. A real estate investment trust, Sovran, headquartered in Buffalo, NY, owns and manages self-storage rental properties.

Favorable factors that influenced the rating include good portfolio diversity (226 properties in 21 states) moderate single-market concentration and manageable use of financial leverage at approximately 40% of book capital. The majority of Sovran’s portfolio is not encumbered by mortgage debt, mitigating refinancing risk for unsecured lenders.