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Article: DCR Reaffirms Equity Residential Properties Trust Ratings Following Merger Announcement with Wellsford Residential Property Trust
- Article from:
- PR Newswire
- Article date:
- January 17, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Wellsford Ratings Placed on Rating Watch--Up
$1.3 Billion of Debt/Preferred Stock Affected by DCR Rating Actions
NEW YORK, Jan. 17 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has reaffirmed its 'BBB+' (Triple-B-Plus) senior debt rating for the operating partnership subsidiary of Equity Residential Properties Trust (EQR) following EQR's announcement that it will merge with Wellsford Residential Property Trust (Wellsford) in a share-for-share transaction. The merger will create the industry's second largest REIT, with more than 300 properties in 30 states and a total market capitalization of $5.3 billion. DCR has also ...