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Fitch affirms Camden Property Trust's rating

Fitch Ratings affirmed Camden Property Trust's issuer default rating at A-, with a stable outlook.

Fitch expects the multifamily-focused real estate investment trust to maintain leverage between 4.0x to 5.0x for its forecast period, noting that Camden's leverage has been one of the lowest for its sector. The rating agency also expects the company to match its acquisitions in 2019 with dispositions in 2020, based on current high market valuations and limited momentum in cap rates.

Camden's low leverage and conservative financial policy are balanced by the company's portfolio concentration in U.S. Sunbelt markets that have weaker geographic and regulatory support barriers, Fitch noted.