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BRE PROPERTIES 9-1/2 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES 'A +' AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 29 /PRNewswire/ -- BRE Properties, Inc.'s convertible subordinated debenture rating is affirmed at 'A+' by Fitch. Roughly $46.9 million of 9-1/2 percent debentures, due 2008, are outstanding, with an annual sinking fund conversion requirement beginning in June 1994. BRE already has satisfied 1994's and part of 1995's requirement through open-market purchases at a discount.
 The rating reflects BRE's conservative management, a diversified portfolio that emphasizes solid apartment building investments, long- term earnings performance, conservative leverage, and strong cash flow allowing solid debt coverage. Offsetting these positive characteristics is the California recession that has reduced the company's portfolio market value and softened rental income in the light industrial, warehouse, and office sectors.
 -0- 12/29/92
 /CONTACT: Teri L. Seelig, 212-908-0638, or Nancy E. Stroker, 212-908-0533, both of Fitch/
 (BRE)


CO: BRE Properties, Inc. ST: California IN: FIN SU: RTG

AH -- NY014 -- 0325 12/29/92 12:16 EST
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Publication:PR Newswire
Date:Dec 29, 1992
Words:153
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