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NEW YORK — Fitch Ratings on Wednesday raised the investment-grade ratings of Ventas Inc., citing steps the real estate investment trust has recently taken to shore up its capital position.
The credit ratings agency upgraded its issuer default rating for Ventas and its subsidiaries to BBB from BBB-. The lower rating is Fitch's lowest investment-grade category before "junk" status.
Fitch also raised ratings for three issues of Ventas' senior debt to BBB from BBB-. Those moves involve $867 million in unsecured revolving credit facilities; $1 billion in senior unsecured notes; and $230 million in senior unsecured convertible notes.
Fitch said that Ventas' "liquidity, leverage, and unencumbered healthcare property operating metrics have improved to levels consistent with a BBB rating following several capital markets transactions in a difficult market environment."
Ventas has recently made several moves to improve its financial position, including issuing new common stock, increasing its borrowing capacity, repurchasing bonds and selling $200 million in notes.
Shares of Chicago-based Ventas, which specializes in housing for senior citizens and health care-related properties, rose 48 cents, or about 1.6 percent, to $30.34 in afternoon trading.
