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S&P revises Welltower view to negative
S&P said it revised the outlook for Welltower Inc. to negative from stable and affirmed the company’s BBB+ rating.
“The negative outlook reflects our view that the company’s senior housing operating portfolio (SHOP) assets will be under significant pressure for the duration of the pandemic, harming near-term cash flows and highlighting the volatility of this facility type,” S&P said in a press release.
“While there is a high degree of uncertainty in our projections, we expect Welltower’s credit protection measures will deteriorate modestly, with FCC declining to about 3x and adjusted debt to EBITDA rising to the high-6x to mid-7x range in 2020 before improving modestly in 2021, despite our expectations for some share repurchases,” the agency said.
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