S&P Revises Chateau Communities Outlook

The outlook for Chateau Communities Inc. and its operating partnership, CP LP, has been revised from stable to negative by Standard & Poor's.In addition, the BBB-minus corporate credit and senior note ratings were affirmed. "The rating actions follow recently announced management changes and strategic shifts unrelated to the company's core competencies," S&P said. "Furthermore, the pending acquisition of remaining equity in N'Tandem Trust will initially weaken the overall asset quality of the portfolio and modestly increase already-high leverage levels, which in turn constrains financial flexibility." Chateau is a real estate investment trust that owns and operates manufactured housing communities. S&P can be found online at http://www.standardandpoors.com.