The BBB-minus issuer default rating and outstanding debt ratings of Sovran Self Storage Inc., a real estate investment trust based in Buffalo, N.Y., and Sovran Acquisition LP have been placed on Rating Watch Negative by Fitch Ratings. Fitch said the action affects approximately $450 million of debt and "stems from Sovran's significant decrease in liquidity relative to prior periods, primarily driven by the lack of availability under the company's fully drawn $100 million revolving line of credit that matures in September 2008, and a modest amount of availability on a $40 million term loan also maturing in 2008." Sovran can be found on the Web at http://www.sovranss.com.
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