- Language: English
- 1539 Pages
- Published: March 2012
- Region: World
Research Update: Medical Properties Trust Rated 'BB-' With A Stable Outlook; Secured Credit Facility Rated 'BB'
- Published: April 2010
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Birmingham, Ala.-based Medical Properties Trust Inc. owns a portfolio of acute care facilities that have remained more stable than other commercial property portfolios during the current cyclical downturn. The REIT bolstered its capital structure and liquidity with a recent common equity offering and a new credit facility; however, we believe the trust's ongoing reliance on variable-rate secured debt is a weakness. We assigned our 'BB-' corporate credit rating to Medical Properties Trust and its subsidiary, MPT Operating Partnership L.P. We also assigned our 'BB' rating to MPT Operating Partnership L.P.'s new secured credit facility. Our stable outlook on the trust acknowledges presently solid tenant level rent coverage ratios that provide some cushion against potential stress in the REIT's concentrated tenant...
Companies mentioned in this report are: Medical Properties Trust Inc.,MPT Operating Partnership L.P.
Action: New Rating
Action: Outlook: Stable
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Medical Properties Trust Inc.,MPT Operating Partnership L.P.
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