Fitch puts Ventas on positive watch

Fitch Ratings said it placed Ventas, Inc. and its subsidiaries Ventas Realty, LP and Ventas Capital Corp.'s BBB issuer default ratings, $1 billion revolving credit facility, $1.3 billion of senior notes and $230 million of senior convertible notes as well as Nationwide Health Properties, Inc. BBB issuer default rating, $700 million revolving credit facility and $991.6 million of senior notes on Rating Watch positive.

The placement on Rating Watch positive follows the announcement that Ventas will acquire Nationwide in an all-stock transaction for a total consideration of about $7.4 billion including the assumption of around $1.55 billion of debt, Fitch said.

The Rating Watch positive reflects the expectation that following the closing of the recently announced acquisition, Ventas' credit profile will improve, the agency added. The transaction will result in a more diversified healthcare property platform, reduced manager and operator concentration, and a larger triple-net lease portfolio, the agency said.

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