DBRS gives IRG Industrial notes BBB

DBRS said it gave BBB (low) ratings to IRG Industrial, LLC’s $45 million of series A 3.54% senior unsecured notes due March 3, 2026, its $90 million of series B 4.02%, senior unsecured notes due March 3, 2028, and its $200 million of series C 4.48% notes due March 3, 2031.

Concurrently, DBRS assigned IRG an issuer rating of BBB (low) with a stable trend.

In explaining the rating, DBRS cited IRG’s cash flow stability, lease maturity profile and diversity of tenants, properties and locations, among other factors. Limiting the rating is IRG’s elevated leverage, lack of scale and limited asset-type diversity.

Proceeds are expected to be used to repay indebtedness and, after debt reduction to fund future acquisitions.

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