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Fitch affirms Welltower ratings

Fitch Ratings affirmed WelltowerInc.'s ratings, including its long-term issuer default rating at , with a stable outlook.

The rating agency attributed the BBB+ issuer default rating tothe health care REIT's "strong" access to capital, "deep" managementteam and "solid" credit metrics.

Fitch, however, cited greater leverage, rapid growth in the generalhealth care REIT sector and the possibility for increased volatility in operatingcash flows, given RIDEA-structured investments through the cycle, as credit concerns.

The rating agency affirmed Welltower's senior unsecured revolvingcredit facility, senior unsecured term loans and senior unsecured notes at BBB+and its preferred stock at BBB-. Fitch also affirmed HCN Canadian Holdings' seniorunsecured guaranteed notes at BBB+.

Earlier in April, Welltower announced that it is partnering withHines to redevelop thesite at 139 E. 56th St. in Midtown Manhattan, N.Y., into a seniors-housing and memory-carefacility.