Fitch: Parkway Life unchanged

Fitch Ratings said that Parkway Life Real Estate Investment Trust's long-term issuer default rating and the rating on Parkway Life MTN Pte. Ltd.'s S$500 million multi-currency medium-term notes program will be unaffected by its acquisition of five nursing homes in Japan for a purchase consideration of ¥3.09 billion. Parkway Life REIT has a long-term issuer default rating of BBB, and Parkway Life MTN's medium-term note program is rated BBB.

The nursing homes acquisition is consistent with the company's long-term asset mix target, Fitch said, and further diversifies its operator risk in the nursing home and care facility sector.

The operator network has been broadened post-acquisition, making it easier for the company to find a replacement operator should any of its current operators default, the agency said.

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