S&P reviews Aviv

Standard & Poor's said it placed its BB- corporate credit rating on Aviv REIT Inc. and its BB issue-level rating on the senior unsecured notes on CreditWatch with positive implications.

This follows the announcement that Omega Healthcare Investors Inc. announced it agreed to acquire Aviv in a stock-for-stock transaction valued at roughly $3 billion, including the assumption of debt.

"Omega announced it entered into an agreement to acquire Aviv, under which Omega will issue 0.9 shares of common stock for each existing Aviv share, representing a 16.2% premium to Aviv's closing price on Thursday, October 30. The transaction, which is subject to Aviv's shareholder approval, is expected to close in the first quarter of 2015," S&P credit analyst Michael Souers said in a news release.

S&P has also affirmed Omega’s ratings.

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