Moody's affirms Realty Income

Moody's Investors Service said it affirmed Realty Income Corp.'s Baa1 senior unsecured debt ratings and Baa2 preferred stock.

The outlook is stable.

The agency said the affirmation reflects the company's strong balance sheet and liquidity profile, supported by consistently stable cash flows from its triple net-leased retail portfolio.

Although the credit markets continue to be pressured, Moody's considers Realty Income to be well positioned to weather through these difficult times with a fully unencumbered portfolio, zero borrowings under its $355 million unsecured facility and no debt maturities for the next four years.

These strengths are counterbalanced by the company's exposure to retail non-investment-grade tenants and some tenant and industry concentration, the agency said.

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