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Fitch upgrades Ventas
Fitch Ratings said it upgraded Ventas, Inc.'s issuer default rating to BBB from BBB-, $867 million unsecured revolving credit facilities to BBB from BBB-, $1 billion senior unsecured notes to BBB from BBB- and $230 million senior unsecured convertible notes to BBB from BBB-.
Ventas Realty, LP and Ventas Capital Corp. are the issuers of the senior unsecured debt obligations, which are guaranteed by Ventas, Inc.
Fitch has also assigned a preferred stock rating for Ventas, Inc. of BBB-.
The outlook was revised to stable from positive.
The upgrades stem from improved liquidity, leverage and unencumbered health care property operating metrics following several capital markets transactions in a difficult market environment, according to the agency.
In 2008 and for the 12 months ended March 31, pro forma for the company's equity offering in April, Ventas's gross debt-to-recurring EBITDA ratio was 5.4 times and 4.5x, respectively.
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