Fitch rates Ventas Realty notes BBB+

Fitch Ratings said it assigned a BBB+ rating to the senior unsecured notes issued by Ventas Realty, LP, the operating partnership of Ventas, Inc.

The outlook is stable.

The rating reflects the company's diversified health care real estate portfolio, strong and improving credit metrics and above-average access to capital in the REIT sector, Fitch said.

Partially offsetting these strengths is the potential for higher volatility in operating cash flows through the cycle given the company's ownership of senior housing operating properties, where it is exposed to the operating cash flows rather than triple-net leased properties, the agency said.

The rating also considers the extent to which Ventas is willing to pursue large transactions, particularly into less favored and fragmented sectors, Fitch said.

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