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NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned 'BBB' ratings to the following obligations of Home Properties, LP. Home Properties, Inc. (NYSE: HME) is a guarantor of these obligations.

--$275 million unsecured credit facility;

--$250 million unsecured term loan;

--$90 million Series A 4.46% Unsecured Senior Guaranteed Notes; and

--$60 million Series B 5.00% Unsecured Senior Guaranteed Notes.

Net proceeds from the term loan and unsecured senior guaranteed notes were used to pay down amounts outstanding on Home's line of credit, repay the company's $140 million 4.125% Exchangeable Senior Notes in full, repay a mortgage of approximately $83 million on the Company's Mount Vernon Square Apartments, as well as repay other existing debt and for general corporate purposes, which may include the financing of acquisitions, development or redevelopment projects.

For additional information, please refer to Fitch's full rating report titled 'Home Properties' dated Oct. 10, 2011 at '[ www.fitchratings.com ]'.

Home Properties is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in selected Northeast and Mid-Atlantic markets. Currently, Home Properties owns and operates 124 communities containing 41,909 apartment units.

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);

--'Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis' (Dec. 15, 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:

Corporate Rating Methodology

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

Parent and Subsidiary Rating Linkage

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

Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656516 ]

Recovery Rating and Notching Criteria for Equity REITs

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

Criteria for Rating U.S. Equity REITs and REOCs

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

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