Fitch gives BBB+ to Welltower notes

Fitch Ratings said it assigned a BBB+ rating to the senior unsecured notes due 2028 issued by Welltower, Inc.

Fitch said the BBB+ issuer default rating reflects the company’s diversified health care real estate portfolio, its strong and improving credit metrics and above-average access to capital in the REIT sector.

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, the agency explained.

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