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Prospect News home > News index > List of issuers V > Headlines for Vereit Inc. > News item |
Fitch lifts Vereit
Fitch Ratings said it upgraded Vereit’s long-term issuer default rating to BBB following the company’s settlement of class action litigation related to overstatements of adjusted funds from operations in some of its 2014 and earlier financial statements, which occurred under previous management.
Funds to settle the class action suit are coming mostly from the proceeds of a stock offering.
Fitch said the upgrade mostly reflects its expectation that the company will keep leverage below 6.0x, an unencumbered asset/unsecured debt ratio at or above 2.0x and will maintain a stable operating performance.
The rating outlook is stable.
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