Fitch: Care Capital notes, loan BBB-

Fitch Ratings said it assigned a BBB- rating to the $100 million of 5.38% senior unsecured private placement notes due 2027 issued by Care Capital Properties, LP, the operating partnership of Care Capital Properties, Inc.

Fitch also said it assigned a BBB- rating to the company’s $200 million term loan due 2023.

The ratings reflect the strength of Care Capital's headline metrics and industry-tenured management team offset by the focus on skilled nursing and post-acute facilities and a still immature capitalization despite the issuance, the agency said.

Fitch said it expects Care Capital to operate within its targeted capitalization through 2017.

The agency said it forecasts assume leverage will sustain in the 4.5x to 5x range before adjusting for the timing effects of acquisitions.

Leverage was 4.9x for the quarter that ended March 31, Fitch said.

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