WASHINGTON - Continuing care retirement communities face more rating downgrades than upgrades in 2009 because of limited access to capital, slower unit re-occupancy caused by falling real estate values, and significantly reduced liquidity due to losses on investments, Fitch Ratings said yesterday.

The effects of these pressures is likely to spur more negative rating pressure overall during the next 18 to 24 months, Fitch said in its report, which revised the industry outlook to negative from stable.

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