Fitch rates ERP notes BBB+

Fitch Ratings said it assigned a credit rating of BBB+ to the $500 million 3% senior unsecured notes due Feb. 15, 2023 issued by ERP Operating LP, the operating partnership of Equity Residential.

The notes were issued at 99.11% of par to yield 3.104%.

Net proceeds from the offering of $491.3 million will be used for working capital and general company purposes, including repayment of the outstanding balance under Equity Residential's unsecured revolving credit facility.

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