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S&P affirms Equity Residential
Standard & Poor's said it affirmed all existing ratings on Equity Residential and its operating partnership, ERP Operating LP, including the BBB+ corporate credit and senior unsecured debt ratings.
The outlook is stable.
The rating actions affect roughly $4.7 billion of rated securities, the agency added.
"Our ratings on Equity Residential reflect the company's good liquidity position, which in its estimation, is sufficient to meet the company's capital needs through 2011," said credit analyst George Skoufis.
"The ratings are also supported by Equity's good quality and diversified portfolio, sound long-term demand fundamentals, and a seasoned management team that, in its view, is taking appropriate actions to manage the portfolio and balance sheet through the current downturn. However, in the near-to-intermediate term, weakening apartment fundamentals, as well as dilutive asset sales and debt raises, will pressure cash flow, which will weigh on debt protection measures."
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