Moody's gives Welltower Baa1

Moody's Investors Service said it gave Baa1issuer ratings to Welltower Inc. and its newly formed operating subsidiary, Welltower OP Inc. following the completion of the organizational restructuring. Moody's also affirmed the existing Baa1 debt ratings.

“The Baa1 issuer rating for both the holding company (Welltower Inc.) and its main operating subsidiary (Welltower OP Inc.) reflect Moody's view that this reorganization does not impact Welltower's credit profile or liquidity. The newly formed operating subsidiary owns substantially all of Welltower's real estate assets and remains the debtor on existing debts and there is no change in the structural priority of these debts,” the agency said in a press release.

The operating partnership also guarantees the unsecured bonds of HCN Canadian Holdings-1 LP.

The stable outlook reflects steady improvement in Welltower's senior housing operations and a forecast for rising cash flow that will lead to lower leverage, Moody’s said.

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