Fitch Ratings said Monday that it has affirmed Health Care REIT, Inc.'s (HCN) Issuer Default Rating at 'BBB', unsecured bank credit facility at 'BBB', senior unsecured notes at 'BBB', convertible Senior unsecured notes at 'BBB' and preferred stock at'BBB-'.
The rating outlook is stable.
Fitch said the affirmation of HCN's ratings is based on HCN's large and growing portfolio of 620 properties and investments throughout 39 states, strong coverage and leverage ratios, portfolio diversity by investment type and geography, and its financial flexibility generated by a strong liquidity position and a sizable pool of unencumbered assets.
The stable outlook centers on Fitch's expectations that HCN's credit metrics will remain relatively unchanged, its manageable debt maturity schedule and a strong liquidity position. The outlook also takes into account Fitch's view that fundamentals within the senior health care sector will continue to be upheld by strong demographics and limited new supply, particularly within the medical office building and outpatient space.
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