Moody's upgrades Ventas

Moody's Investors Service said it upgraded Ventas Realty, LP's senior debt ratings to Baa1 from Baa2 and revised the outlook to stable from positive.

The agency said the upgrade reflects Ventas' significant growth in unencumbered assets, its consistently conservative balance sheet and operational strength.

In addition, the ratings reflect Ventas' position as one of the largest health-care real estate investment trusts in the United States and its success in expanding its market position while maintaining sound liquidity, Moody's said.

In the agency's view, these positive factors are offset by earnings volatility and operational risk from Ventas' RIDEA structured senior housing operating assets.

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