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Fitch rates Realty Income loan BBB+
Fitch Ratings said it affirmed Realty Income Corp.’s issuer default rating at BBB+ and assigned a BBB+ rating to the $250 million unsecured term loan due 2020.
The affirmation of the issuer default rating reflects the granularity of its predominantly retail net lease portfolio, its disciplined acquisition strategy and management track record, the agency said. Credit strengths include strong fixed-charge coverage, ample liquidity and access to multiple sources of capital.
Fitch said the rating is balanced by leverage that has increased over the past several years (5.5 times for the quarter ended March 31 pro forma for recent acquisitions compared to 4.4 times at year-end 2009).
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