Fitch: AIMCO Outlook 'Negative'

Citing a downward trend in its credit statistics, Fitch Ratings has revised its rating outlook for Apartment Investment and Management Co. from Stable to Negative.However, Fitch affirmed its ratings on AIMCO's preferred stock and its $500 million bank credit facility. The rating agency said the coverage ratio of AIMCO's earnings before interest, taxes, depreciation, and amortization to its total interest expense has declined from 2.8 times as of Dec. 31, 2001, to 2.2 times for the current quarter (and below its historical average of 2.5 times). AIMCO's leverage rose to a high of 54.1% in the first quarter, and is now more than 200 basis points above its long-term average, Fitch said. AIMCO is an equity real estate investment trust based in Denver. Fitch can be found online at http://www.fitchratings.com.