Key Takeaways
- S&P Global Ratings raised two ratings and revised five outlooks to positive on U.S. privatized student housing issuers in the past year, as many projects’ operations rebounded to pre-pandemic levels.
- Occupancy continues to increase slowly as more projects near full capacity.
- Financial operations have stabilized, given increases in rental revenue and occupancy since the onset of the pandemic in early 2020.
- As of fiscal year-end 2022, two projects have underfunded debt service reserve funds, but most have increased their reserves.
20 Nov, 2023