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Moody's: Health Care REIT negative
Moody's Investors Service said it affirmed Health Care REIT, Inc.'s senior unsecured debt rating at Baa2 and preferred stock rating at Baa3.
The outlook was revised to negative from stable.
On Aug. 22, Health Care REIT announced that it entered into a definitive agreement to acquire all of the outstanding common stock of Sunrise Senior Living, Inc. for $14.50 per share in an all cash transaction valued at $1.9 billion.
Moody's said the negative outlook reflects the complexity and execution risk associated with this acquisition as well as Health Care REIT's significant growth in seniors housing operating assets since late 2010, which will now be its largest asset-type.
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