Fitch rates Store Capital BBB-

Fitch Ratings said it assigned an issuer default rating of BBB- to Store Capital Corp.

The outlook is stable.

The ratings reflect the company’s strong management team, differentiated investment strategy, diversified portfolio and solid credit metrics, Fitch said.

These strengths are offset by the cross-collateralization features and reputational risk associated with the master funding conduit, which may restrict the company’s financial flexibility and provide material economic incentives for the issuer to prioritize the encumbered asset pool, the agency said.

While Store is a relatively new company, its senior management previously founded and ran two public companies – Franchise Finance Corp. of America and Spirit Finance, the agency said.

Fitch said it views management favorably, but noted that the track records of these companies are mixed from a credit perspective.

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