Fitch rates Essex Portfolio notes BBB+

Fitch Ratings said it assigned a BBB+ rating to the senior unsecured notes due 2029 being issued by Essex Portfolio, LP.

The rating considers the company's strong multifamily portfolio within key densely populated and supply constrained markets in Northern and Southern California and Seattle, Fitch said.

These markets have favorable demographics that include vibrant and growing labor markets and above-average household income levels, the agency said, as well as high home ownership costs that drive demand for apartments.

Fitch also said it views the company's management team as among the strongest in the multifamily REIT sector based on its track record of superior asset management and capital allocation, Fitch said.

The positive outlook is driven by expectations that the material improvement in credit metrics will be maintained through the cycle, Fitch said.

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