Moody’s raises Diversified Healthcare

Moody's Investors Service said it upgraded Diversified Healthcare Trust's (DHC) corporate family rating to Caa3 from Ca, and the rating on the trust's backed senior unsecured notes to Caa3 from Ca as well as senior unsecured notes to Ca from C. Moody's also assigned a Caa2 rating to DHC's $941 million zero coupon 2026 senior secured notes.

DHC's speculative grade liquidity rating remains unchanged at SGL-4.

“The upgrade of the CFR to Caa3 reflects some partial easing of Moody's concerns over DHC's immediate capital needs as the new notes' proceeds have been used to repay the company's 2024 maturities, namely $450 million under its senior credit facility due Jan. 15, and $250 million of unsecured notes due May 1.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.