Fitch applies BBB to Store Capital notes

Fitch Ratings said it assigned a BBB rating to the senior unsecured notes due 2028 issued by Store Capital Corp.

The agency expects the net proceeds will be used to repay the company's unsecured line of credit.

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

Further, Store’s financial policies include its public commitment to sustaining leverage between 5.5 times and 6 times.

Concerns include the size and importance of the company's Master Funding conduit program relative to Store’s debt capitalization, Fitch explained.

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