Fitch watches Spirit Realty positively

Fitch Ratings said it placed Spirit Realty Capital Inc.’s BBB long-term issuer default rating and BB+ preferred rating as well as the BBB senior unsecured ratings and IDR of Spirit Realty LP on rating watch positive.

Spirit Realty's agreed to be acquired by Realty Income Corp. will create a combined company with an enterprise value of about $63 billion.

“The rating watch positive is driven by Realty Income's size, scale and low leverage. The transaction is not subject to a financing condition and is expected to close in 1Q24, subject to customary closing conditions and approval by Spirit Realty's shareholders,” Fitch said in a press release.

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