Moody's: Store Capital Baa2

Moody's Investors Service said it assigned a Baa2 issuer rating with a stable outlook to Store Capital Corp.

The Baa2 rating reflects the growing, large size and quality of the company's net lease portfolio, which has consistently generated stable earnings and high EBITDA margins, Moody's said.

Post its 2014 initial public offering, Store Capital has grown to about $5.7 billion in gross assets from $3 billion, the agency explained.

But the company does have high secured debt exposure at 34% of gross assets as of the first quarter of 2017, along with a limited history as a public company following its 2014 IPO, Moody's said.

The stable outlook reflects an expectation that Store Capital will continue its transition toward a more unsecured capital structure by further growing its unencumbered asset base on a leverage-neutral basis, the agency said.

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