S&P upgrades Spirit Realty

Standard & Poor's said it raised the corporate credit on Spirit Realty Capital Inc. to BB from BB-.

The outlook is stable.

The upgrade primarily reflects the company's successful de-leveraging efforts in recent years coupled with reduced exposure to Spirit's largest tenant, Shopko, S&P said.

The agency said it expects Spirit will continue its aggressive investment strategy, but will finance this growth in a leverage-friendly manner, which could result in further improvement to the balance sheet.

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