Fitch affirms Equity Residential at BBB+

Fitch Ratings said it affirmed the ratings for Equity Residential and ERP Operating LP, Equity Residential's operating subsidiary.

The outlook is stable.

Fitch said the ratings affirmations follow the announcement on Dec. 2 that Equity Residential will pay $1.325 billion to acquire a 26.5% equity interest in Archstone from affiliates of Bank of America and Barclays Bank plc.

Assuming Equity Residential consummates the transaction, Fitch said it expects the company will finance the transaction with a combination of cash, debt and proceeds from asset sales. Pro forma for the transaction, the company's primary credit metrics remain appropriate for the BBB+ issuer default rating, the agency said.

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