Fitch lowers HCP to negative

Fitch Ratings said it affirmed HCP, Inc.’s issuer default rating at BBB+ and revised the outlook to negative from stable.

The company’s fixed-charged coverage for its largest tenant will remain pressured with a re-negotiation of the master lease as the most logical source of potential relief, Fitch said.

And the company’s fourth quarter 2015 metrics are weak for the BBB+ rating, the agency said.

The negative outlook also reflects that HCP does not have the same cushion in its metrics to address this issue as it did previously, Fitch said.

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