Moody's: Essex Portfolio Baa2

Moody's Investors Service said it assigned a Baa2 issuer rating to Essex Portfolio, LP, the operating subsidiary of Essex Property Trust, Inc.

The outlook is stable, reflecting anticipation that Essex will continue to reduce secured debt and increase unencumbered assets while growing profitably, the agency said.

Essex has a long track record as an astute operator in its West Coast markets, said Chris Wimmer, a Moody's analyst.

The company has made significant progress in lowering its use of mortgages and unencumbering its portfolio, a trend that is expected to continue as it prepares to join the ranks of public unsecured issuers, the agency said.

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