Fitch affirms HCP

Fitch Ratings said it affirmed HCP, Inc.'s issuer default rating at BBB, unsecured bank credit facility at BBB, senior unsecured notes at BBB and preferred stock at BB+.

The outlook remains positive.

The affirmations are supported by the company's solid credit profile with good operating performance throughout the recession, a well-diversified portfolio of high-quality investments and strong management track record, Fitch said.

The outlook reflects a significant improvement in HCP's fixed-charge coverage in recent quarters as the company reduced its leverage significantly, the agency said.

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