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Fitch affirms Health Care REIT
Fitch Ratings said it affirmed Health Care REIT, Inc.'s issuer default rating and senior notes at BB and preferred stock at BB+.
The outlook is stable.
The affirmation follows Health Care REIT's announcement that it entered a definitive agreement to acquire substantially all of the real estate assets of Genesis HealthCare Corp. for total consideration of $2.4 billion, Fitch said.
The affirmation reflects the view that coverage and leverage ratios will remain appropriate for the issuer default rating when recent acquisitions and developments are normalized for their full year contribution to earnings, the agency said.
The ratings consider the potential for increased cash flow volatility, recent acquisitions and rapid recent growth that has the potential to strain infrastructure, the agency added.
The debt-to-recurring EBITDA ratio was 8.0 times for 2010.
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