Fitch rates HCN Canadian notes BBB+

Fitch Ratings said it assigned a BBB+ rating to the Canadian-dollar denominated senior unsecured notes issued by HCN Canadian Holdings-1 LP. The issuer is a wholly owned subsidiary of Welltower Inc., which Fitch rates BBB+. Welltower is guaranteeing the notes.

“The BBB+ rating and stable outlook reflect the issuer’s diversified health care real estate portfolio, strong credit metrics and above-average access to capital in the REIT sector. Partially offsetting these strengths are improving but still notable tenant and skilled nursing concentration and the issuer’s above-average ownership of senior housing properties, where it is exposed to the operating cash flows rather than triple-net leased properties,” Fitch said in a press release.

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