Fitch rates Four Corners BBB-

Fitch Ratings said it assigned first-time ratings to Four Corners Property Trust, Inc., including an issuer default rating of BBB-.

The outlook is stable.

The ratings reflect the company’s expected cash flow stability based on strong tenant credit characteristics, solid tenant EBITDAR coverage of rents and long-dated triple-net leases, Fitch said.

The geographic diversity of the company's portfolio also insulates cash flows against regional economic downturns, the agency said.

These credit positives are offset by tenant and industry concentration and unproven access to non-bank unsecured debt capital, Fitch added.

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