CLEVELAND, OH (REIT Media) April 24, 2008 - Associated Estates Realty Corporation (NYSE: AEC) announced today that Standard & Poor's has revised its outlook for the Company to positive, from stable. At the same time, S&P affirmed its B+ rating on the Company's corporate credit and its CCC+ rating on the Company's preferred stock.

"We're pleased S&P has acknowledged our efforts to enhance our portfolio and strengthen our balance sheet," said Lou Fatica, Vice President, Treasurer and CFO.

Associated Estates Realty Corporation (AEC) is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. AEC's portfolio consists of 55 properties containing 13,547 units located in nine states. For more information about the Company, please visit its website at www.aecrealty.com .

    For more information, please contact:
    Michael Lawson
    Vice President of Investor Relations
    216-797-8798
    mlawson@aecrealty.com