Credit Ratings

NHP’s primary sources of debt financing are unsecured medium-term notes (MTNs) with varying maturities and interest rates and its unsecured revolving credit facility. The MTNs are rated by three independent ratings agencies. An investment grade credit rating, generally BBB- and above, allows a company to enter the capital markets at a competitive advantage. NHP is one of only a handful of healthcare REITs with an investment grade rating, and our MTNs have been investment grade rated since 1994. Our current ratings are:

• S&P - BBB-
• Moody’s - Baa3 (positive outlook)
• Fitch - BBB- (positive outlook)