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Prospect News home > News index > List of issuers C > Headlines for CareTrust REIT, Inc. > News item |
S&P lifts CareTrust view to positive
S&P said it revised the outlook on CareTrust REIT Inc. to positive from stable and affirmed its BB- issuer credit rating and BB issue-level rating on the company's senior unsecured notes.
The recovery rating remains at 2, indicating 70% to 90% expected default recovery.
Following a recent equity issuance, S&P said it now expects CareTrust REIT's key credit protection measures will be significantly improved and sustained from a year ago.
The company is also expected to continue to increase its scale and diversify its tenant base, the agency said.
The positive outlook reflects an expectation that the company will continue to generate steady cash flows and operate with an adjusted debt-to-EBITDA ratio of about 4x over the next 12 months, the agency said.
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