Fitch: Essex notes at BBB

Fitch Ratings said it has assigned a BBB rating to the $300 million 3.625% senior unsecured notes due August 2022 issued by Essex Portfolio LP, the operating partnership of Essex Property Trust, Inc.

The unsecured notes were issued at 98.99% of par to yield 3.747%, and Fitch said that the company expects to use the proceeds to repay balances on its unsecured line of credit and for general corporate purposes.

The outlook is positive.

The positive outlook is driven by Fitch's expectation that Essex'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, the agency stated.

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