Fitch corrects Spirit view, ups rating

Fitch Ratings said it corrected the outlook for Spirit Realty LP is stable not positive as it previously reported on July 26.

The agency also upgraded the issuer default rating of Spirit Realty Capital, Inc. to BBB from BBB-.

“The upgrade reflects SRC’s reduced leverage (as measured by net debt/EBITDA), revised leverage target to below 5.5x and the company’s improved tenant credit profile subsequent to the spinoff of Spirit MTA REIT (SMTA) in June 2018. SRC’s credit profile has been strengthened on both sides of the balance sheet through a combination of reduced tenant exposures with stronger credit profiles, tenant exposures in more stable industries and robust capital markets activity,” said Fitch in a press release.

The outlook for Spirit Realty Capital is stable.

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