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NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned a 'BBB+' rating to the $1 billion aggregate principal amount of 4.625% notes due Dec. 15, 2021 issued by ERP Operating Limited Partnership. The notes were priced at 99.619% of the principal amount to yield 4.673% to maturity. ERP Operating Limited Partnership is the operating partnership of Equity Residential (NYSE: EQR).

Net proceeds from the offering are estimated to be used for working capital and general company purposes, including repayment of the outstanding balance under EQR's unsecured revolving credit facility. ERP Operating Limited Partnership 's Issuer Default Rating is 'BBB+'. The Rating Outlook is Stable.

For additional information, please refer to Fitch's press releases titled 'Fitch Affirms Equity Residential at 'BBB+' After Archstone Announcement; Outlook Stable' dated Dec. 5, 2011, and 'Fitch Affirms Equity Residential's IDR at 'BBB+'; Outlook Stable' dated Nov. 10, 2011, available at '[ www.fitchratings.com ]'.

Additional information is available at '[ www.fitchratings.com ]'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (Aug. 12, 2011);

--'Parent and Subsidiary Rating Linkage' (Aug. 12, 2011);

--'Recovery Rating and Notching Criteria for Equity REITs' (May 12, 2011);

--'Criteria for Rating U.S. Equity REITs and REOCs (March 15, 2011).

Applicable Criteria and Related Research:

Parent and Subsidiary Rating Linkage

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647210 ]

Corporate Rating Methodology

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647229 ]

Criteria for Rating U.S. Equity REITs and REOCs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=610687 ]

Recovery Rating and Notching Criteria for Equity REITs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=628490 ]

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