Fitch ups Omega Healthcare rating

Fitch Ratings said it has upgraded Omega Healthcare Investors Inc.'s senior unsecured credit rating on its recent offering of $200 million 10-year senior unsecured notes and its existing 6.95% senior unsecured notes due 2007 to B from B-.

Additionally, Fitch has upgraded the preferred stock rating to CCC+ from C on Omega's three series of outstanding preferred securities. This includes the recently issued $118.5 million of 8.375% series D cumulative redeemable preferred securities.

Fitch has also placed Omega on Rating Watch positive to consider the impact of recently implemented financings.

Fitch said its upgrade reflects Omega's improved financial profile and operating performance in recent months. During third-quarter 2003, Omega reinstated its preferred and common dividend payments after a suspension in 2001 to conserve cash to address pending debt maturities. Omega was successful in addressing its debt maturities as well as bringing current all classes of preferred stock.

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