Moody’s rates Spirit Realty preferreds Ba1

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 agency also assigned a Ba1 rating to the $150 million preferred stock issuance of Spirit Realty Capital.

The outlook remains negative.

Spirit raised $150 million of gross proceeds via the issuance of 6% series A cumulative redeemable preferred stock, with proceeds being used for general corporate purposes and repayment of its credit facility.

Moody’s said the Ba1 preferred stock rating reflects its standard notching practices for REITs and REOCs rated Ba2 or higher for unsecured debt, providing that the REIT has strong bond covenants.

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