Fitch affirms Welltower at BBB+

Fitch Ratings said it affirmed the ratings of Welltower, Inc., including the issuer default rating at BBB+. The outlook is stable.

Fitch also affirmed Welltower’s senior unsecured revolving credit facility and term loans at BBB+, senior unsecured notes at BBB+ and preferred stock at BBB- as well as HCN Canadian Holdings’ senior unsecured guaranteed notes at BBB+.

Welltower’s BBB+ IDR reflects the issuer's diversified health care real estate portfolio, its strong and improving credit metrics and above-average access to capital in the REIT sector, Fitch said in a news release. Partially offsetting these strengths are improving but still notable tenant and skilled nursing concentration and the issuer's above-average ownership of senior housing properties where it is the owner / operator rather than triple-net leased properties.

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