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S&P Afrm Health Care Property Investors Rtg;Otlk Stbl.
Business Editors
NEW YORK--(BUSINESS WIRE)--Standard & Poor's
April 16, 2002-- Standard & Poor's today affirmed its ratings on Health Care Property Investors Inc. (HCP) and revised the company's rating outlook to stable from negative.
The rating action impacts roughly $1 billion in rated debt and preferred securities. The rating affirmation reflects this health care REIT's established market position, the strong underlying credit quality of its most dominant lessee/operators, and a consistently moderate financial profile. The outlook revision acknowledges the general stabilization of weaker assets within HCP's core portfolio, as well as materially improved debt coverage measures and financial flexibility over the past two years.
Newport Beach, California-based HCP is an established health care REIT, which was spun off from National Medical Enterprises (now Tenet Healthcare, rated triple-'B'/Stable) in 1985. With an asset base of about $2.7 billion, the company presently owns 429 health care-focused lease and mortgage investments, which are located throughout the country and currently leased to over 90 operators. The company is the largest and most diversified of the dozen or so public equity REITs that exist to provide financing to public and private companies operating within a variety of segments of the health care industry.
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