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S&P rates Sabra, notes B
Standard & Poor's said that it assigned Sabra Health Care REIT Inc., Sabra Health Care LP and Sabra Capital Corp. B corporate credit ratings. S&P also assigned Sabra's $225 million senior notes a B rating and 3 recovery rating, indicating the expectations for a meaningful (50%-70%) recovery for noteholders in the event of a payment default.
The outlook is stable.
The ratings reflect the company's comparatively small health-care portfolio relative to peers, significant tenant concentration and modest room under its debt covenants, S&P said.
The ratings also consider Sabra's geographic diversity, long-term leases, lack of debt maturities until 2013, weak business risk profile and aggressive financial risk profile, the agency said.
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