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S&P rates Ventas notes BBB
Standard & Poor's said it assigned a BBB rating to the company's $600 million 4.25% senior unsecured notes issued by Ventas Realty LP and Ventas Capital Corp., both subsidiaries of Ventas Inc.
The notes will be guaranteed by the parent and will rank equally with the company's existing senior unsecured obligations.
The proceeds will be used to reduce indebtedness outstanding under its revolving credit facility and for working capital purposes, S&P said.
The ratings reflect the company's satisfactory business risk profile supported by the REIT's large portfolio of diverse health-care facilities, the agency said.
The company funded significant growth with substantial equity, bolstering credit measures and providing sufficient flexibility to withstand some degree of economic and regulatory headwinds over the next few years, S&P said.
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