Fitch rates Welltower note reopening BBB+

Fitch Ratings said it assigned a rating of BBB+ to the $500 million reopening of Welltower Inc.'s 4% senior unsecured notes due 2025.

The notes were priced at 97.75% of the principal amount to yield 4.287% or a 218 basis point spread over the benchmark rate.

Fitch said the BBB+ issuer default rating reflects the company's leverage which is appropriate for a diversified healthcare REIT, and sustained cash flows in excess of fixed charges from a portfolio in markets with strong demographics and derived principally from private pay sources. Credit strengths include strong access to capital and a deep management team.

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