Fitch rates Vereit, preferreds, loans, notes, convertibles

Fitch Ratings said it assigned Vereit, Inc. an issuer default rating of BBB- and a preferred stock rating of BB.

The agency also assigned BBB- ratings to Vereit Operating Partnership, LP’s unsecured revolving credit facility, senior unsecured term loan, senior unsecured notes and senior unsecured convertible notes.

The outlook is stable

Fitch said the ratings are based on Vereit’s improving credit metrics, strong management team, well diversified portfolio of predominantly single-tenant, net leased assets that generate consistent cash flow growth and good recent and expected access to capital.

The agency expects asset quality to improve over the next several years as a result of Vereit’s capital repositioning strategy of disposing of select non-core single tenant assets, and culling non-controlled joint ventures, as well as assets with underlying flat leases.

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