Fitch affirms Senior Housing

Fitch Ratings said it affirmed the BB+ senior unsecured debt rating of Senior Housing Properties Trust and the BB- rating of trust preferred securities from SNH Capital Trust I.

The outlook is stable.

The ratings reflect solid and consistent coverage metrics and sound financial flexibility through its primarily unencumbered asset base, Fitch said.

The agency said, though, it acknowledges the risk in the very high tenant concentration of the company's top tenant, Five Star Quality Care Inc., which represents 61% of SNH's total revenues.

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