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.

Moody's said the affirmation reflects the skilled nursing facility operator's focus on mitigating the challenges it faces in its U.S. business by cutting costs, investing in its facilities so as to target more profitable patients and divesting operations associated with higher litigation risk.

Furthermore, the substantial completion of its U.S. debt refinancing has lengthened the REIT's debt maturity profile and effected meaningful interest expense savings, the agency said.

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