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Fitch rates new Store Capital BBB-
Fitch Ratings said it downgraded Store Capital Corp.'s ratings, including its issuer default rating and unsecured debt to BBB- from BBB and assigned BBB- ratings to Store Capital LLC, which merged with Store Capital Corp. and assumed its debt. Store Capital Corp.'s IDR was withdrawn.
“The downgrade follows Store's sale to affiliates of GIC and Oak Street Real Estate Capital and reflects the increase in leverage, secured debt and drop in unencumbered assets. While the increase in leverage is intended to reverse over time, it will remain above prior levels in the intermediate term,” Fitch said in a press release.
The outlook is stable.
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