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S&P changes HCP to positive
S&P said it affirmed the BBB corporate credit rating on HCP Inc. and the BBB issue-level rating on the company's senior unsecured notes.
The outlook was revised to positive from stable.
The agency said the outlook reflects a view that the company will successfully execute on its proposed Brookdale Senior Living Inc. transactions, reducing its exposure to Brookdale to the mid-teens percentage area.
“We project operating fundamentals to remain favorable in the company's core facility types and believe HCP will generate stable cash flows over the next two years,” S&P said in a news release.
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