Fitch rates Essex notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Essex Portfolio, LP’s $500 million senior unsecured notes.

Essex Portfolio has an issuer default rating of BBB+, unsecured line of credit rating of BBB+ and senior unsecured notes rating of BBB+.

Essex Property Trust, Inc. has an issuer default rating of BBB+ and preferred stock rating of BBB-.

The ratings consider the company’s strong multi-family portfolio position 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, the agency said, and above average household income levels, as well as high homeownership costs that drive demand for multi-family apartments.

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