S&P upgrades Realty Income

Standard & Poor's said it raised the corporate credit rating on Realty Income Corp. to BBB+ from BBB.

The outlook is stable.

The agency also said it raised the senior unsecured debt ratings to BBB+ and the ratings on the company's preferred stock to BBB-.

The upgrade acknowledges Realty Income's diversified portfolio of triple-net-leased retail and commercial properties and its prudent underwriting to date, which collectively have supported historically stable cash flow and sound debt-service coverage measures, S&P said.

The company has executed on a strategic shift over the prior few years to increase investments in properties leased to investment-grade tenants through recent merger and acquisition activity, the agency said.

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