Moody's: Aviv Ba3, notes B1

Moody's Investors Service said it assigned a B1 rating to the prospective senior unsecured notes offering of Aviv Healthcare Properties Ltd. Partnership, along with a Ba3 corporate family rating.

The notching between the corporate family rating and the senior unsecured rating reflects significant proportion of secured debt in Aviv's capital structure, which is expected to remain in the medium term, Moody's said.

The outlook is stable.

The ratings reflect the company's successful track record and managerial expertise, Moody's said, as well as small size and private company status.

Aviv's focus on skilled nursing facilities is a key credit concern due to the relatively low profitability of this sector, the agency said, and heavy dependence on government reimbursements.

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