Fitch ups Omega Healthcare notes to BB-

Fitch Ratings said it upgraded its ratings on about $300 million of senior unsecured notes issued by Omega Healthcare Investors Inc. to BB- from B.

Additionally, Fitch has upgraded its preferred stock rating to B from CCC+ on Omega's two series of outstanding preferred securities. This includes the $118.5 million of 8.375% series D cumulative redeemable preferred securities issued in the first quarter of 2004. In all, about $168 million of preferred securities are affected by this upgrade.

Fitch also revised the outlook on Omega to stable from Rating Watch positive.

Fitch's upgrade reflects Omega's improving financial profile and operating performance in recent quarters. Omega increased EBITDA coverage of total interest expense to 3.3 times for the period ending June 30, 2004 from 2.5x for the same period of 2003.

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