The senior unsecured debt and preferred stock ratings of Post Properties Inc., Atlanta, have been lowered by Moody's Investors Service.The debt rating was lowered from Baa2 to Baa3, and the preferred stock rating was lowered from Baa3 to Ba1. The outlook is stable. Moody's said the downgrades reflect "prolonged weakness in Post's profitability," which it said could take several years to improve as Post's management refocuses the company and the multifamily property market recovers. The rating agency also cited Post's geographic concentration in Atlanta and Dallas. Post is a real estate investment trust that specializes in luxury apartment communities.
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