Fitch rates Getty Realty, loans, bonds BBB-

Fitch Ratings said it assigned a BBB- long-term issuer default rating to Getty Realty Corp. and BBB- ratings to its senior unsecured revolving credit facility, senior unsecured term loan and senior unsecured bonds.

The outlook is stable.

Fitch said the ratings reflect Getty's strong credit metrics, predominantly single-tenant, triple-net leased assets that generate consistent cash flow growth and unsecured debt profile.

“These strengths are balanced by a lack of contingent liquidity for convenience stores and gas stations (C-stores), concentration in unrated tenants, an ongoing environmental remediation liability which has an element of uncertainty and, over the longer-term, the expectation that the need for refuelling stations will evolve and could lessen over time,” the agency said in a news release.

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