Fitch Ratings on March 21 affirmed Apartment Investment and Management Co.'s long-term issuer default rating at BBB-.

The long-term IDR of the operating partnership, AIMCO Properties LP, was also affirmed at BBB-. The rating outlook is stable.

Fitch said the ratings are bolstered by its expectation that AIMCO's leverage will stabilize and by the company's "prudent" pair-trade investment strategy. It also noted that AIMCO has "below-average" financial flexibility relative to its peers given the small size of its unencumbered pool and a lower number of capital sources as a result of its strategy of secured-only borrowing.

The stable outlook is supported by Fitch's view that improvements to AIMCO's key metrics and portfolio quality have largely been completed, according to the rating agency.