Fitch rates Trustreet loan BB+, notes BB-, preferreds B+

Fitch Ratings said it assigned a $350 million senior secured credit facility BB+, $250 million 7½% senior unsecured notes due 2015 BB- and preferred stock series A and C B+ to Trustreet Properties, Inc. The outlook is stable.

On Feb. 25, CNL Restaurant Properties, Inc. combined with USRP through a reverse merger.

Fitch said it reviewed the final closing documentation and concluded that the company's covenants and financing sources are substantially consistent with the terms that it had evaluated prior to the transaction closing.

Trustreet's credit strengths are centered on the diversity of its portfolio by geography, tenant and restaurant concept, according to Fitch.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.