CHICAGO—Ventas, Inc., a Chicago-based healthcare REIT, recently announced that Standard & Poor's Ratings Services has raised its ratings on its senior unsecured debt to BBB+ from BBB, with a stable outlook. In its ratings upgrade, S&P noted that Ventas' “current and projected strong coverage measures that are supported by stable cash flow.”
“We are extremely pleased that S&P has recognized the financial strength and flexibility of our Company, as well as the excellent performance of our large and diversified portfolio,” Ventas Chairman and Chief Executive Officer Debra A. Cafaro said.
Furthermore, as reported in GlobeSt.com, earlier this month the company closed a new $3-billion unsecured credit facility. The facility, which it obtained through its subsidiary Ventas Realty Limited Partnership, includes a $500-million “accordion feature” that will allow the company to boost its borrowing capacity to $3.5 billion.
The company has had an active year, especially in the Chicago area. Earlier this year, a wholly owned subsidiary of Ventas acquired a 409,000-square-foot healthcare real estate portfolio located on the campuses of five Advocate Health Care hospitals in the Chicago area. Ventas' portfolio has about 1,500 assets in 47 states and includes seniors housing communities, medical office buildings, skilled nursing facilities, hospitals, and other properties.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
