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S&P ups Essex Property Trust
Standard & Poor's said it raised the senior unsecured issue rating on Essex Property Trust Inc./Essex Portfolio LP to BBB from BBB- and affirmed its BBB corporate credit rating.
The outlook remains stable.
The ratings reflect the REIT's satisfactory business profile, marked by favorable multifamily fundamentals in the company's submarkets, S&P said.
The agency said it considers the company's portfolio to be well-located in high barrier markets in which supply will remain constrained through at least 2013.
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