Fitch: HCP on positive watch

Fitch Ratings said it placed HCP, Inc.'s BBB issuer default rating, BBB bank credit facility rating, BBB senior notes rating and BB+ preferred stock rating on rating watch positive.

The rating watch reflects that following the closing of a 65% interest in a joint venture that owns 25 senior housing assets as well as a $6.1 billion purchase of substantially all of the real estate assets of HCR Manor Care, HCP's credit profile is expected to improve, Fitch said.

HCP's ratings reflect the company's steady cash flows from its large portfolio of high quality, well-diversified properties across the health care real estate spectrum, significant financial flexibility and solid liquidity position, Fitch said.

The company's net debt-to-EBITDA ratio was 5.6 times for the twelve months ended Sept. 30.

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