Moody’s rates Spirit Realty notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed senior unsecured notes being marketed by Spirit Realty, LP, the operating partnership subsidiary of Spirit Realty Capital, Inc.

The notes are fully and unconditionally guaranteed by Spirit Realty Capital.

The outlook is stable.

Moody’s said the Baa3 rating reflects Spirit’s stable cash flow stream derived from long-term, triple-net leases. The REIT's portfolio is highly occupied and comprised primarily of single-tenant, freestanding retail buildings that are essential to their tenants' businesses.

Additional credit strengths include Spirit's large size and geographic diversification, the agency said.

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