Sovran Self Storage has its investment grade credit rating back.

The Williamsville-based real estate investment trust’s credit rating was upgraded Friday by Fitch Ratings, which had downgraded the rating in May after the company ran afoul of some of the covenants in its loan agreements.

The upgrade will have a significant financial benefit for Sovran, which expects to be able to reverse the $3.6 million increase in annual interest expenses it absorbed following the downgrade.

Fitch upgraded Sovran’s credit rating after the company, which owns or manages 382 Uncle Bob’s Self Storage facilities in 24 states, raised $114 million by selling additional shares of stock earlier this month.

That move reduced Sovran’s debt and reduced its overall leverage, which was at the root of the credit rating downgrade in May. The company also has cut its dividend by 30 percent and is conserving cash by cutting back on its facilities expansion and upgrade program.

The interest savings from the credit rating upgrade are expected to offset the dilution to the company’s earnings per share caused by the sale of the additional 4 million shares of stock.