S&P ups, withdraws Vereit ratings

S&P said it upgraded Vereit Inc.’s issuer and senior unsecured ratings to A- from BBB following its acquisition by Realty Income Corp.

“The upgrade reflects our belief that the transaction will enhance Vereit's credit profile because it was acquired by a higher-rated company,” S&P said in a press release.

The agency said it withdrew Vereit’s ratings because Realty Income assumed its notes.

Before withdrawing Vereit’s ratings, the outlook was stable.

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