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DUFF & PHELPS UPGRADES DEBT OF NATIONWIDE HEALTH PROPERTIES

 CHICAGO, May 27 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has raised the rating of Nationwide Health Properties' senior unsecured debt to "BBB" (Triple-B) from "BBB-" (Triple-B-Minus) and senior subordinated debt to "BBB-" (Triple-B-Minus) from "BB+" (Double-B-Plus). This rating action affects a $100 million shelf registration for senior notes (none currently outstanding) and $25 million in senior subordinated notes outstanding.
 This rating change recognizes primarily the improved financial health of Beverly Enterprises, which currently operates roughly 50 percent of Nationwide's owned facilities and 40 percent of its assets. Duff & Phelps recently recognized this improvement by raising its rating of Beverly's subordinated debt from "B" (Single-B) to "B+" (Single-B-Plus). An additional positive is that, as management makes new health care property investments, the diversity of its operator base should improve.
 This investment grade rating continues to reflect the expectation for modest financial leverage. Although currently debt represents just 15 percent of total capitalization, the rating will allow for a ratio nearer the 40 percent maximum under the company's bank covenants.
 -0- 5/27/93
 /CONTACT: William T. Hayes, CFA of Duff & Phelps Credit Rating Co., 312-368-3142/
 (NHP)


CO: National Health Properties ST: IN: HEA SU: RTG

TS -- NY082 -- 3082 05/27/93 15:49 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:203
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