Moody's affirms Extendicare

Moody's Investors Service said it affirmed the B1 corporate family rating of Extendicare Real Estate Investment Trust.

The outlook remains stable.

The affirmation reflects Extendicare's improved operating performance, geographic diversification in the United States and Canada, reasonable leverage and solid fixed charge coverage, according to the agency.

Longer term, the outlook is uncertain and could be quite negative given high federal and state budget deficits and potential changes to the overall U.S. health care system, the agency said.

Another key credit challenge for Extendicare will be refinancing its 2011 debt maturities, Moody's noted.

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