S&P gives ERP notes A-

Standard & Poor's said it assigned its A- rating to the $650 million 5.75% senior unsecured notes due 2017 and the $350 million 5.5% senior unsecured notes due 2012 issued by ERP Operating LP, the operating partnership of Equity Residential (A-/stable).

Proceeds from the note offering will be used to repay amounts outstanding under Equity Residential's unsecured credit facility, the agency said.

According to S&P, the ratings on Chicago-based Equity Residential acknowledge the company's strong operating performance and geographic diversity, along with a very strong liquidity position.

Offsetting these positive factors are a meaningful component of secured debt, below-average operating margins and modest exposure to the cyclical condo conversion business, the agency added.

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