Fitch lifts Ventas, Nationwide Health

Fitch Ratings said it upgraded the credit ratings of Ventas, Inc., Ventas Realty, LP, Ventas Capital Corp., and Nationwide Health Properties, LLC.

This concludes the Rating Watch positive.

The outlook is stable.

The upgrades include Ventas', Ventas Realty's and Ventas Capital's issuer default rating to BBB+ from BBB, unsecured revolving credit facility and term loan to BBB+ from BBB, senior unsecured notes to BBB+ from BBB and senior unsecured convertible notes to BBB+ from BBB.

Also upgraded includes Nationwide Health's issuer default ratings to BBB+ from BBB and senior unsecured notes to BBB+ from BBB.

Fitch also said it assigned a BBB+ rating to Nationwide Health's unsecured term loan. The rating for Nationwide Health's unsecured revolving credit facility is withdrawn. This obligation is no longer outstanding.

The actions follow the consummation of the merger between Ventas and Nationwide Health on July 1 in an all-stock transaction for about $7.6 billion, including the assumption of debt, Fitch said.

The upgrade reflects a view that the acquisition results in a more diversified health care property platform, reduced manager and operator concentration and a larger triple-net lease portfolio, strengthening the position of Ventas' bondholders, the agency said.

The all-stock consideration also reduces Ventas' leverage, Fitch added.

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