Moody's ups Omega Healthcare

Moody's Investors Service said it upgraded the senior unsecured debt rating of Omega Healthcare Investors, Inc. to Ba2 from Ba3, along with its preferred stock rating to Ba3 from B2.

The outlook is stable.

The upgrade reflects Omega's increased size, improved tenant diversification and maintenance of a conservative capital structure, Moody's said.

Omega has increased its size by 60% following the recent acquisition of a portfolio of skilled nursing facilities from CapitalSource for about $860 million, the agency said.

Moody's said it believes this transaction offers positive strategic benefits for Omega and could lead to stronger and more stable earnings over the longer term.

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