Fitch Ratings Affirms Essex Property Trust's IDR At 'BBB+'; Outlook Stable

(RTTNews) - Fitch Ratings said Friday that it has affirmed its 'BBB+' Issuer Default Rating for Essex Property Trust, Inc. (ESS) and its operating partnership, Essex Portfolio, L.P.

The Rating Outlook is Stable.

Fitch said its ratings for Essex consider the company's strong multifamily portfolio position within key densely populated and supply constrained markets in Northern and Southern California and Seattle.

The Stable Outlook is driven by Fitch's expectations that positive multifamily fundamentals in ESS's markets combined with declining leverage and improving coverage will support credit metrics that are consistent with the rating.