Moody's rates Sabra debt B1, preferreds B3

Moody's Investors Service said it assigned a B1 rating to the proposed $200 million senior unsecured debt being co-issued by Sabra Health Care LP and Sabra Capital Corp.

The outlook is stable.

Moody's also assigned a provisional B3 rating to Sabra Health Care REIT, Inc.'s preferred stock shelf.

Moody's notes that $114 million of proceeds from the proposed $200 million bond offering will be used to redeem a portion of the REIT's 2018 senior notes, with the remaining excess proceeds funding future acquisitions and general corporate purposes.

The REIT is effectively lengthening its debt maturity profile with this transaction and enhancing liquidity for continued growth, the agency said.

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