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S&P hikes Spirit Realty, ends ratings
S&P said it raised its issuer credit rating on Spirit Realty Capital Inc. to A- from BBB, the issue-level rating on its senior unsecured debt to A- from BBB and the issue-level rating on its preferred stock to BBB from BB+.
The agency said it also removed all its ratings on the company from CreditWatch, where it placed them with positive implications on Oct. 30. Realty Income Corp. completed its acquisition of Spirit on Jan. 23.
“Subsequently, we withdrew our issuer credit rating on Spirit Realty because Realty Income Corp. has assumed its debt and preferred stock. At the time of the withdrawal, our outlook on the company was stable,” S&P said in a statement.
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