Fitch affirms Ventas

Fitch Ratings said it affirmed Ventas, Inc.'s issuer default rating, unsecured revolving credit facility, convertible unsecured senior notes and senior unsecured notes at BBB-.

The outlook is stable.

The agency said the affirmation is supported by Ventas' geographically diverse real estate portfolio and the company's noteworthy growth during the past four years. Ventas acquired ElderTrust for $184 million in February 2004, Provident Senior Living Trust for $1.2 billion in June 2005, the Senior Care portfolio for $602.4 million in November 2006 and the assets of Sunrise Senior Living Real Estate Investment Trust for $2 billion in April 2007.

The ratings also acknowledge credit concerns, including the extent to which Ventas is a secured borrower, Fitch noted. Secured debt was equal to 46% of total debt, 25.6% of undepreciated book capital and 19% of gross asset value as of June 30, higher than that of several other health-care REITs.

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