Moody’s drops Spirit Realty to negative

Moody's Investors Service said it affirmed the Baa3 senior unsecured debt rating of Spirit Realty, LP, the operating partnership subsidiary of Spirit Realty Capital, Inc.

The outlook was revised to negative from stable.

Moody’s said the negative outlook reflects the sharp increase in tenant credit losses experienced in the first quarter of 2017, as well as concerns surrounding the operating health of the triple-net lease REIT's largest tenant, Shopko, which pose further risks to Spirit's cash flows.

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