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Fitch rates National Retail preferreds BB+
Fitch Ratings said it assigned a credit rating of BB+ to the $250 million of 6.625% series D cumulative redeemable preferred stock issued by National Retail Properties, Inc.
Net proceeds from the offering are expected to be used to redeem $92 million of series C preferred stock and for general corporate purposes, which may include repayment of outstanding balances on the company's revolving credit facility, the agency said.
Fitch added that it currently rates the company as follows: issuer default rating at BBB; unsecured revolving credit facility at BBB; senior unsecured notes at BBB; senior unsecured convertible notes at BBB; and preferred stock at BB+.
The outlook is stable.
The BBB issuer default rating takes into account the company's solid credit metrics, which are appropriate for the rating, as well as the company's diverse portfolio of net lease retail properties that have generated stable cash flows throughout cycles, the agency said.
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