Fitch shifts Essential Properties to negative

Fitch Ratings said it changed the outlook to negative from stable and affirmed the ratings of Essential Properties Realty Trust, Inc. and its operating partnership, Essential Properties, LP, including the long-term issuer default ratings at BBB-.

“The negative outlook reflects the prevailing uncertainty for retail businesses and the possibility of widespread lease non-performance and bankruptcy events, particularly within EPRT’s primarily middle-market tenant roster. Middle-market tenants are expected to require greater support than large national and investment-grade counterparts, due to generally weaker capital structures and limited access to external financing,” Fitch said in a press release.

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