Fitch removes Equity Residential from rating watch negative, outlook stable Fitch Ratings has removed the rating watch negative and affirmed the following ratings for Equity Residential and ERP Operating Limited Partnership, EQR's principal operating subsidiary. Equity Residential: issuer default rating at 'BBB+'; preferred stock at 'BBB-'. ERP Operating Limited Partnership: IDR at 'BBB+'; unsecured revolving credit facility at 'BBB+'; senior unsecured notes at 'BBB+'. Fitch has also assigned a 'BBB+' rating to EQR's unsecured revolving term loan. The rating outlook is stable. The removal of the rating watch negative and affirmation of EQR's ratings are the result of the company successfully raising equity and selling assets consistent with the company's de-leveraging plan.