IRVINE, Calif., Dec. 9, 2014 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. (Nasdaq:SBRA) ("Sabra," the "Company" or "we") announced today that Fitch Ratings has initiated credit ratings on the Company with a "BB+" Issuer Default Rating ("IDR") and the Rating Outlook at Stable. The Company's operating partnership, Sabra Health Care Limited Partnership (the "Operating Partnership"), received an IDR of "BB+" and the Operating Partnership's senior unsecured notes, unsecured revolving credit facility and unsecured term loan also received ratings of "BB+". The Company's 7.125% Series A Cumulative Redeemable Preferred Stock received a rating of "BB-".
Fitch noted that Sabra's IDR reflects its investment grade capitalization (based on its unsecured borrowing strategy and strong key credit metrics), offset by portfolio factors such as asset and tenant concentration.
Commenting on Fitch's initiation of coverage, Rick Matros, CEO and Chairman said, "We are pleased to have received this rating from Fitch and in particular the recognition of Sabra's investment grade balance sheet."
Sabra Health Care REIT, Inc. (Nasdaq:SBRA), a Maryland corporation, operates as a self-administered, self-managed real estate investment trust (a "REIT") that, through its subsidiaries, owns and invests in real estate serving the healthcare industry. Sabra leases properties to tenants and operators throughout the United States.
FORWARD-LOOKING STATEMENTS SAFE HARBOR
This release contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof.
Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: our dependence on Genesis HealthCare LLC ("Genesis"), the parent company of Sun Healthcare Group, Inc., until we are able to further diversify our portfolio; our dependence on the operating success of our tenants; the dependence of our tenants on reimbursement from governmental and other third-party payors; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to make investments, incur additional indebtedness and refinance indebtedness on favorable terms; increases in market interest rates; our ability to raise capital through equity and debt financings; the relatively illiquid nature of real estate investments; competitive conditions in our industry; the loss of key management personnel or other employees; the impact of litigation and rising insurance costs on the business of our tenants; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; our ability to maintain our status as a REIT; compliance with REIT requirements and certain tax matters related to our status as a REIT; and other factors discussed from time to time in our news releases, public statements and/or filings with the Securities and Exchange Commission (the "SEC"), especially the "Risk Factors" sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. Forward-looking statements made in this press release are not guarantees of future performance, events or results, and you should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. We assume no, and hereby disclaim any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law.
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Source:Sabra Health Care REIT, Inc.