Fitch applies BBB- to Vereit notes

Fitch Ratings said it assigned a BBB- rating to the senior unsecured notes issued by Vereit Inc.

Net proceeds are expected to be used to repay the outstanding $500 million term loan.

Fitch said the ratings are based on the company'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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.