Research Update: Ventas Inc. Jun 04
- ID: 1802227
- June 2004
- Standard & Poors
On June 28, 2004, Standard & Poor's Ratings Services raised its corporate credit ratings on Ventas Inc., its operating partnership Ventas Realty L.P., and Ventas Capital Corp. to 'BB' from 'BB-'. In addition, ratings are raised on the company's senior unsecured debt, which totals $366 million (see list). Concurrently, the outlook is revised to stable from positive. The upgrades acknowledge the company's steady improvement in both its business and financial profiles. Recent acquisitions have targeted improving Ventas' diversification, foremost its concentration with its primary tenant Kindred Healthcare Inc. (Kindred). Growing cash flow and profits, and lower leverage have contributed to stronger debt protection measures. Credit weaknesses remain, however, including Ventas' continued reliance on un-rated Kindred, the risk of future changes...
Companies mentioned in this report are:
- Ventas Inc.
- Kindred Healthcare Inc.
- Ventas Realty L.P.
- Ventas Capital Corp.
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
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