Fitch rates Welltower notes BBB+

Fitch Ratings said it assigned a BBB+ rating to the C$300 million of 3.35% senior unsecured notes due 2020 issued by HCN Canadian Holdings - 1 LP.

The issuer is a wholly owned subsidiary of Welltower Inc. (BBB+) and the notes are unconditionally guaranteed.

Fitch said the issuer default rating of BBB+ reflects the company's leverage, which is appropriate for a diversified healthcare REIT, and sustained cash flows in excess of fixed charges from a portfolio in markets with strong demographics and derived principally from private pay sources. Credit strengths include strong access to capital and a deep management team.

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