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S&P rates Essex Property credit line BBB-
Standard & Poor's said it affirmed Essex Property Trust Inc. and Essex Portfolio LP's BBB corporate credit rating and the BBB- unsecured debt rating. The agency also said it assigned a BBB- rating to Essex Portfolio's $200 million unsecured line of credit.
The outlook is stable.
The ratings reflect strong portfolio occupancy, a moderate leverage profile and debt coverage metrics that are currently sufficient to support the ratings, S&P said.
Essex's core portfolio is currently underperforming the peer group average due to its concentration in challenging West Coast markets, but fundamentals are improving, the agency said.
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