Fitch: Essex view to positive

Fitch Ratings said it revised the outlook for Essex Property Trust, Inc. and its operating partnership Essex Portfolio LP to positive from stable.

Fitch also said it affirmed Essex Property's issuer default rating at BBB and preferred stock rating at BB+.

Essex Portfolio's issuer default rating was affirmed at BBB, unsecured revolving credit facility at BBB and senior unsecured notes at BBB.

Fitch also said it assigned a rating of BBB to the $200 million unsecured term loan issued by Essex Portfolio in November 2011.

The five-year loan bears interest at a rate of Libor plus 142.5 basis points and has an accordion feature to increase the loan amount to $300 million.

The outlook revision is driven by an expectation that the company's near- to medium-term credit profile will improve to a level more consistent with a rating of BBB+ due to healthy apartment fundamentals combined with management's commitment to a conservative balance sheet, Fitch said.

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