Fitch rates Store Capital notes BBB

Fitch Ratings said it assigned a BBB rating to the senior unsecured notes due 2029 issued by Store Capital Corp.

The proceeds will be used to repay debt outstanding under its unsecured revolving credit facility, fund property acquisitions and for working capital and other general corporate purposes, Fitch said.

The company's portfolio is well diversified by store size and location, the agency said. Its tenant and lease maturities are long-dated given the strategy and young age of the portfolio, Fitch added.

The company's exposure to restaurant concepts is well diversified with its largest concept exposures – Popeyes Louisiana Kitchen and Applebee's, the agency said.

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