S&P Global Ratings affirmed its ratings on Ventas Inc., including its BBB+ corporate credit and senior unsecured note ratings.
The outlook is stable.
The affirmation reflects the rating agency's view that the company will continue to recycle capital to reposition its asset mix and decrease leverage slightly. In addition, S&P revised liquidity assessment to strong, echoing the company's increased capacity under its revolving credit facility. It also anticipates that the pace of the company's purchases will moderate to some extent.
The stable outlook reflects S&P's view that the company's portfolio of healthcare facilities will drive modest yet predictable same-store net operating income growth in the next two years.
The rating agency believes the company will stay opportunistically acquisitive. However, it will finance its purchases through a practical approach in line with its pledge to keep a conservative balance sheet and steady credit metrics.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.