Fitch places Equity Residential on watch

Fitch Ratings said it placed Equity Residential's BBB+ issuer default rating on rating watch negative.

The agency said the rating action follows Equity Residential's announcement that it will enter into a definitive agreement to acquire 60% of the assets and liabilities of Archstone Enterprise LP.

Pro forma for the acquisition, the company's leverage and coverage metrics will be high for the current BBB+ issuer default rating, the agency said.

Fitch said it expects to resolve the rating watch negative some time in 2013, after the acquisition is consummated in the first quarter of 2013.

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