Fitch rates CareTrust notes BB+

Fitch Ratings said it assigned CTR Partnership LP's (CareTrust REIT, Inc.) proposed senior unsecured notes BB+ ratings. The REIT focuses on skilled nursing facilities and senior housing.

“The BB+ ratings and stable outlook reflect the issuer's strong financial metrics, high operator lease coverage and unsecured borrowing strategy. These strengths are partially offset by the company's notable tenant concentration and focus on SNF, its mixed track record in underwriting, and below-average access to capital,” Fitch said in a press release.

Proceeds will be used to refinance its senior notes due 2025, to repay some of the balance under its revolver and for general corporate purposes.

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