Fitch rates Essex notes BBB

Fitch Ratings said it assigned a BBB rating to the $150 million of 4.36% senior notes due March 31, 2016 issued by Essex Portfolio LP, the operating partnership of Essex Property Trust, Inc.

The outlook is stable.

Essex expects to use the proceeds to repay a portion of the outstanding balance on the company's revolving credit facility and for general corporate purposes.

Essex's issuer default rating is BBB.

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