S&P gives Spirit BB-, loan B

Standard & Poor's said it assigned its BB- corporate credit rating to Spirit Finance Corp. and a B rating to its pending $850 million six-year term loan.

The outlook is stable.

S&P said that the ratings reflect Spirit's aggressive financial profile and the less-seasoned nature of the portfolio, which weighs on the historical stability of the company's net-leased retail real estate assets and experienced management team.

A consortium of investors, led by Macquarie Bank Ltd. (A/stable/A-1), has announced a plan to acquire Spirit in a transaction valued at $3.9 billion, including $2.2 billion of assumed debt and a new $850 million secured term loan, the agency noted.

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