S&P affirms Realty Income

Standard & Poor's said it affirmed the BBB corporate credit and senior unsecured debt ratings on Realty Income Corp. and the BBB- rating on the company's preferred stock.

The outlook remains positive.

S&P said the ratings and outlook acknowledge the company's conservative debt leverage, diversified portfolio of triple net leased retail properties and prudent underwriting, which collectively produce stable cash flow and solid debt protection measures.

These strengths are partially offset by a less creditworthy tenant base, moderate revenue concentration by industry and the recently reported debt covenant default of one of Realty Income's largest tenants, the agency said.

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