S&P: Senior Housing notes BBB-

Standard & Poor's said it assigned Senior Housing Properties Trust's $250 million of 4.3% senior notes due Jan. 15, 2016 a BBB- rating.

The outlook is stable.

The proceeds will be used to repay borrowings under an unsecured credit facility and for general corporate purposes.

The outlook is supported by the company's conservatively leveraged balance sheet and above-average debt service coverage measures, compared with those of similarly rated peers, S&P said.

The ratings reflect the company's relative financial strength, which provides flexibility to absorb a tenant default or negotiate moderately lower lease rates to support a weaker tenant, the agency said. However, tenant concentration remains a credit risk and an impediment to rating upgrades.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.