Fitch gives Essex Portfolio notes BBB rating

Fitch Ratings said it assigned a BBB rating to the $200 million senior unsecured private placement notes issued by Essex Portfolio LP, the operating partnership of Essex Property Trust, Inc.

The private placement notes have a nine-year term and a delayed funding schedule as follows: $100 million on April 30, 2012 at a rate of 4.27%; $50 million on June 29, 2012 at a rate of 4.3%; and $50 million on Aug. 30, 2012 at a rate of 4.37%.

The outlook is positive.

The positive outlook is driven by Fitch's 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, and growth in the unencumbered asset pool.

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