Fitch Rates Health Care REIT, Inc.'s $1.4B Senior Unsecured Note Issuance 'BBB'

Fitch Ratings has assigned 'BBB' ratings to the $1.4 billion senior unsecured note issuance priced March 9, 2011 by Health Care REIT, Inc. HCN. The notes are being issued in five-, 11-, and 30-year tranches, and will rank equally with other senior unsecured indebtedness of HCN.

The $400 million five-year notes due March 15, 2016 have a coupon of 3.625%, and are priced to yield 3.705% to maturity; the $600 million 11-year notes due Jan. 15, 2022 have a coupon of 5.25%, and are priced to yield 5.332% to maturity; and the $400 million 30-year notes due March 15, 2041 have a coupon of 6.50%, and are priced to yield 6.571% to maturity. HCN's Issuer Default Rating is 'BBB'. The Rating Outlook is Stable.