S&P ups National Health Investors

Standard & Poor's said it raised its corporate credit rating on National Health Investors Inc. to BB- from B+. In addition, S&P raised its ratings on the company's senior unsecured debt to BB- from B+.

The outlook is stable.

S&P said the raised ratings acknowledge the company's progress over the past few years in working through troubled investments. The upgrades also reflect a much stronger financial profile, reflected by a strong cash position, low leverage, and stronger debt protection measures. Offsetting credit considerations include a smaller overall portfolio, additional troubled investments that the company continues to address, and an external advisory structure.

The company's balance sheet is conservative, characterized by very modest leverage of 27% debt-to-book capital and no meaningful debt maturities until 2007, at which time its $100 million 7.3% senior notes mature.

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