SAN CLEMENTE, Calif., June 08, 2016 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (Nasdaq:CTRE) announced today that Moody’s Investor Service has upgraded the growing healthcare REIT’s credit ratings.
On June 6, 2016, Moody's raised its corporate credit rating on CareTrust to B1 from B2, with a stable outlook. In the same report, Moody's also raised its rating on CareTrust's Senior Unsecured Notes to B1 from B2. Among other things, the research update cited CareTrust’s improved cash flow metrics, reduction in tenant concentration and the complete unencumbering of its portfolio as factors in issuing its ratings upgrades.
"These ratings upgrades highlight the substantial progress we have made toward optimizing our balance sheet while significantly growing our portfolio in a responsible way,” said Bill Wagner, CareTrust’s Chief Financial Officer. He affirmed that the company’s key credit metrics have steadily advanced, nearly reaching management’s long-term goals well ahead of schedule. “We plan to continue strengthening the balance sheet and executing on our disciplined acquisition strategy,” he added.
The upgrades from Moody’s follows similar upgrades by Standard & Poor’s last month. On May 9, 2016, Standard & Poor's raised its corporate credit rating on CareTrust to B+ from B, with a stable outlook, and raised its issue rating on CareTrust's 5.875% Senior Unsecured Notes to BB- from B+. Standard & Poor’s cited CareTrust’s improved credit metrics and liquidity profile, as well as the recent retirement of the last of CareTrust’s secured term debt, as factors in issuing its ratings upgrades.
About CareTrustTM
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust that is engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. With 144 net-leased healthcare properties and three operated seniors housing properties in 20 states, CareTrust is pursuing opportunities nationwide to acquire additional properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses. More information about CareTrust is available at www.caretrustreit.com.