S&P assigns BBB- CCR to Spirit Realty

S&P said it affirmed its BBB- corporate credit rating on Spirit Realty Capital Inc.

The agency also assigned its BBB- corporate credit rating to the company's operating partnership, Spirit Realty LP, in line with the rating of the parent company.

The outlooks for both the parent company and partnership are stable.

At the same time, S&P affirmed its BBB- issue-level rating on the company's senior unsecured notes.

"Spirit's business risk profile reflects the company's mid-sized portfolio of net-lease assets, with approximately $8.4 billion of undepreciated real estate assets at Sept. 30, 2016," S&P credit analyst Michael Souers said in a news release.

"We favor the company's long weighted average remaining lease term of 10.5 years, and believe recent capital recycling has improved the tenant quality and diversification."

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