N@N

Fitch Rates ERP Operating L.P. $600MM Sr. Unsecured Notes 'A-'; Outlook Negative

^{Published on 2010-07-13 07:40:42 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned an 'A-' rating to the new $600 million 4.75% coupon rate senior unsecured notes due July 15, 2020 issued by ERP Operating Limited Partnership, the operating partnership of Equity Residential (NYSE: EQR). The notes were priced at 99.237% of their face amount to yield 4.848% to maturity. Net proceeds from the offering will be used to repay certain indebtedness and for general corporate purposes. The Rating Outlook is Negative.

For additional information, please refer to Fitch's rating action commentary 'Fitch Expects to Rate ERP Operating L.P.'s Unsecured Notes 'A-'; Outlook Negative', dated July 12, 2010.

Headquartered in Chicago, Illinois, Equity Residential is a company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. As of March 31, 2010, Equity Residential owned or had investments in 491 properties totaling 136,470 units.

Relevant criteria available on the Fitch web site at '[ www.fitchratings.com ]' include:

--'Criteria for Rating U.S. Equity REITs and REOCs' (April 16, 2010);

--'Recovery Rating and Notching Criteria for REITs' (Dec. 23, 2009);

--'Corporate Rating Methodology' (Nov. 24, 2009);

--'Parent and Subsidiary Linkage' (June 19, 2007).

Additional information is available at '[ www.fitchratings.com ]'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: [ HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS ]. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '[ WWW.FITCHRATINGS.COM ]'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.