Investor Relations

Credit Ratings

Credit Ratings

S&P Moody's Fitch Ratings
Long-term Issuer A- (OS)
4/30/2015
-
A (OS)
11/11/2016
Preferred Stock BBB
4/30/2015
Baa1 (OP)
9/7/2016
BBB
11/11/2016
Debt Issuing Subsidiaries
S&P Moody's Fitch Ratings
ERP Operating Limited Partnership
Long-term Issuer A- (OS)
4/30/2015
-
A (OS)
11/11/2016
Senior Unsecured A-
4/30/2015
A3 (OP)
7/17/2017
A
11/11/2016
 
Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
  Highest Quality     (P)Aaa   Aaa
  High Quality     Aa1   (P)Aa1   (P)Aa2   Aa2   Aa3   (P)Aa3
  Upper-Medium Quality     (P)A1   A1   A2   (P)A2   (P)A3   A3
  Medium-Grade Quality     Baa1   (P)Baa1   (P)Baa2   Baa2   Baa3   (P)Baa3
  Substantial Risk     (P)Ba1   Ba1   Ba2   (P)Ba2   (P)Ba3   Ba3
  High Risk     B1   (P)B1   (P)B2   B2   B3   (P)B3
  Very High Risk     (P)Caa1   Caa1   Caa2   (P)Caa2   (P)Caa3   Caa3
  Highly Speculative     (P)Ca   Ca
  Default     C   (P)C
  Extremely Strong     AAA   AAApi   AAAt
  Very Strong     AA+   AA+pi   AA+t   AApi   Aat   AA   AA-   AA-pi   AA-t
  Strong     A+   A+pi   A+t   Api   At   A   A-   A-pi   A-t
  Adequate     BBB+   BBB+pi   BBB+t   BBB   BBBpi   BBBt   BBB-   BBB-pi   BBB-t
  Less Vulnerable     BB+   BB+pi   BB+t   BB   BBpi   BBt   BB-   BB-pi   BB-t
  More Vulnerable     B+   B+pi   B+t   B   Bpi   Bt   B-   B-pi   B-t
  Currently Vulnerable     CCC+   CCC+pi   CCC+t   CCCpi   CCCt   CCC   CCC-   CCC-pi   CCC-t
  Highly Vulnerable     CCpi   CCt   CC   C+   C+pi   C+t   C   Cpi   Ct
  Selective Default     SD   SDpi   SDt
  Default     D+   D+pi   D+t   Dpi   Dt   D
  Regulatory Supervision     R   Rpi   Rt
  Exceptional     aaa
  Very Strong     aa+   aa   aa-
  Strong     a+   a   a-
  Adequate     bbb+   bbb   bbb-
  Speculative     bb+   bb   bb-
  Very Speculative     b+   b   b-
  Extremely Speculative     ccc+   ccc   ccc-   cc   c
  Default     d
Credit Ratings are for the company's operating partnership, ERP Operating Ltd.

Contact Information:

Fitch:
Steven Marks     212-908-9161

Moody's:
Griselda Bisono 212-553-1653

S&P:
Anita Ogbara     212-438-5077