Moody's upgrades Vereit

Moody's Investors Service said it upgraded the senior unsecured rating of Vereit Operating Partnership, LP, the operating subsidiary of Vereit, Inc. to A3 from Baa2, following the completion of the merger with Realty Income Corp. on Monday.

Realty Income is the surviving entity and will assume Vereit's senior unsecured notes.

“This rating action concludes Moody's review for upgrade that began on April 30, after the announcement that the REITs had reached entered into definitive agreement to merge,” the agency said in a press release.

The outlook is stable.

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