Research Update: Omega Healthcare Investors Inc. Upgraded To 'BB+' On Expectations For Adequate Tenant Rent Coverage Metrics Dec 11

Standard & Poors, December 2011

Abstract
We believe that Omega Healthcare Investors Inc.' tenant rent coverage metrics will remain adequate post-Medicare reimbursement cuts, despite regulatory uncertainty surrounding the future delivery and reimbursement of health care. We raised our corporate credit rating on Hunt Valley, Md.-based real estate investment trust (REIT) Omega Healthcare Investors Inc. to 'BB+' from 'BB'. We also raised our issue rating on Omega's senior unsecured notes to 'BBB-' from 'BB+' and affirmed our recovery rating on the senior notes at '2'. The stable outlook reflects our view that the company's relatively long-term leases will provide steady cash flow to support debt coverage measures at the current rating. On Dec. 12, 2011, Standard & Poor's Ratings Services raised its corporate credit rating on Omega...

Companies mentioned in this report are: Omega Healthcare Investors Inc.
Action: Outlook: Stable
Action: Upgraded

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.

Omega Healthcare Investors Inc.

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