Moody's upgrades HCP

Moody's Investors Service said it upgraded the senior unsecured debt rating of HCP, Inc. to Baa1 from Baa2.

The outlook remains stable.

The upgrades reflect the company's progress in executing its portfolio repositioning strategy, which has improved its asset quality and enabled it to reduce leverage, Moody's said.

HCP has sold, spun off or transitioned more than $12 billion of non-core assets over the past three years, including its exit from the volatile skilled nursing business, the agency explained.

HCP is now diversified across multiple segments of health care, including senior housing, medical office buildings, life sciences and – to a lesser extent – hospitals, Moody's said.

The company also has meaningfully reduced leverage and lengthened its debt-maturity profile, the agency said.

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