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S&P downgrades HCP
S&P said it lowered the corporate credit rating on HCP Inc. to BBB from BBB+.
The agency also said it lowered the rating on the company's senior unsecured notes to BBB from BBB+.
S&P also said it removed the ratings from CreditWatch, where it was placed with negative implications in February.
The outlook is stable.
The downgrades reflect HCP's heightened debt leverage, which is expected to remain elevated for the next few years following the planned spin-off of the company's largest investment, HCR Manorcare, the agency said.
HCP's pro forma business is a stronger entity post-transaction, but not sufficient enough to offset the increased leverage based on the proposed capital structure of the spin-off, S&P said.
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