S&P affirms Essex

Standard & Poor's said it affirmed all existing ratings on Essex Property Trust Inc. and Essex Portfolio LP.

The agency said that the rating actions affect a $200 million unsecured credit line and $225 million in exchangeable unsecured senior notes.

The outlook is stable.

S&P added that the ratings acknowledge a disciplined investment strategy and a strong core portfolio of multifamily communities on the West Coast while geographic portfolio concentrations and historical use of leveraged joint ventures, however, are limiting factors to the credit ratings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.