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NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned a 'BBB+' rating to the $450 million aggregate principal amount of 3.75% senior unsecured notes due Feb. 1, 2019 issued by HCP, Inc (NYSE: HCP). The notes were priced at 99.523% of the principal amount to yield 3.828% to maturity.

Net proceeds from the offering are estimated to be approximately $443.7 million. HCP intends to use the net proceeds of the offering to repay borrowings under its revolving credit facility and for general corporate purposes. HCP's Issuer Default Rating is 'BBB+'. The Rating Outlook is Stable.

For additional information, please refer to Fitch's full rating report titled 'HCP, Inc.' dated May 2, 2011 at '[ www.fitchratings.com ]'.

HCP, Inc. is an equity REIT that invests primarily in real estate serving the health care industry in the United States. HCP's portfolio of properties is distributed among distinct sectors of the healthcare industry, including seniors housing, post-acute/skilled nursing, life science, medical office, and hospital.

Additional information is available at '[ www.fitchratings.com ]'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis' (Dec. 15, 2011);

--'Corporate Rating Methodology' (Aug. 12, 2011);

--'Recovery Rating and Notching Criteria for Equity REITs' (May 12, 2011);

--'Criteria for Rating U.S. Equity REITs and REOCs' (March 15, 2011).

Applicable Criteria and Related Research:

Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656516 ]

Corporate Rating Methodology

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647229 ]

Recovery Rating and Notching Criteria for Equity REITs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=628490 ]

Criteria for Rating U.S. Equity REITs and REOCs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=610687 ]

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