Retail Tenant Credit Ratings for First Quarter 2020 From Moody’s and S&P

Posted January 13, 2020

In 1031, Absolute Net Dollar General for Sale, California, Commercial, Ohio, real estate

Investors looking for triple net or absolute net retail investment properties interested in a commercial loan know that the national credit retailers’ credit ratings with S&P and Moody’s are hugely important for getting a loan at decent rates and terms or even getting the loan at all.

Investment-grade credit is S&P BBB or above. For the best loan with the best terms by the best lenders including life companies. Occasionally, you can get a BBB- rated retailer done by the big lenders, including life companies if the fundamentals are really right. For non-rated local retailers, restaurants, etc., a local bank with whom you have an existing banking relationship is your best choice. And better to be unrated than to have a B- or a C rating.

I created a credit rating chart about a decade ago and update every quarter so now time for the 1^st quarter 2020 update.

For new readers, what I primarily do is 1031 uplegs (replacement properties) for an exchanger’s downleg (relinquished property). We look for single tenant, single parcel, national credit, absolute net, usually retail type properties.

I work with experienced owners who currently have multifamily or multitenant retail and have tired of the day to day management duties. Owners who are looking for replacement properties where there are few to zero-day to day management requirements.

If you have any questions or are planning on doing a 1031 exchange with a property you have for sale and need info on a retailer, call me, Scott Harris Realtor at 310-473-4789 or 614-905-6614.

Tenant Credit Ratings (updated 1-14-2020)

Type	Tenant	Ticker	Moody's	S&P
Automotive	Advance Auto Parts	AAP	Baa2 Stable	BBB-Stable
Automotive	Ashland Global Holdings, Inc.	ASH	Ba1 Stable	BB+ Stable
Automotive	AutoNation, Inc.	AN	Baa3 Stable	BBB-Stable
Automotive	AutoZone, Inc	AZO	Baa1 Stable	BBB Stable
Automotive	Avis Budget Group, Inc.	CAR	Ba3 Stable	BB Stable
Automotive	Bridgestone Corporation	TSE: 5108	A2 Stable	A Stable
Automotive	BP plc	LSE: BP	A2 Positive	A- Stable
Automotive	Chevron Corporation	CVX	Aa2 Stable	AA Stable
Automotive	Citgo Petroleum Corporation	Private	Caa1 Negative	B- Watch Dev
Automotive	Exxon Mobil Corporation	XOM	Aaa Negative	AA+ Negative
Automotive	Goodyear Tire & Rubber Co.	GT	Ba2 Stable	BB Stable
Automotive	Hertz Global Holdings, Inc.	HTZ	B1 Negative	B+ Stable
Automotive	Marathon Petroleum Corporation	MPC	Baa2 Negative	BBB Stable
Automotive	O'Reilly Automotive, Inc.	ORLY	Baa1 Stable	BBB Stable
Automotive	Phillips 66	PSX	A3 Negative	BBB+ Stable
Automotive	Royal Dutch Shells plc	ENXTAM: RDSA	Aa2 Stable	AA-Stable
Automotive	Sumitomo Corporation	TSE: 8053	Baa1 Negative	A- Negative
Automotive	Andeavor Logistics LP	ANDX	Ba1 Positive	BBB Stable
Automotive	Valero Energy Corporation	VLO	Baa2 Stable	BBB Stable
Telecommunications	AT&T Inc.	T	Baa2 Stable	BBB Stable
Telecommunications	Comcast Corporation	CMCS	A3 Stable	A- Stable
Telecommunications	Cox Enterprises, Inc.	Private	Baa2 Stable	BBB Stable
Telecommunications	T-Mobile	TMUS	Ba2 Stable	BB+ Watch Neg
Telecommunications	Sprint Corporation	S	B1 Stable	B Watch Pos
Telecommunications	Verizon Communications Inc.	VZ	Baa1 Stable	BBB+ Stable
Banking and Financial	Banco Santander, S.A.	BME: SAN	A2 Stable	A Stable
Banking and Financial	Bank of America Corporation	BAC	A3 Stable	A- Stable
Banking and Financial	Bank of New York Mellon Corporation	BK	A1 Stable	A Stable
Banking and Financial	Capital One Financial Corporation	COF	Baa1 Stable	BBB Stable
Banking and Financial	Citigroup, Inc.	C	Baa1 Stable	BBB+ Stable
Banking and Financial	East West Bancorp, Inc.	EWBC	NR	BBB Stable
Banking and Financial	Fifth Third Bancorp	FITB	Baa1 Stable	BBB+ Stable
Banking and Financial	First Republic Bank	FRC	Baa1 Stable	A- Stable
Banking and Financial	HSBC Holdings plc	LSE: HSBA	A2 Negative	A Stable
Banking and Financial	JP Morgan Chase & Co.	JPM	A3 Stable	A- Stable
Banking and Financial	Keycorp	KEY	Baa1 Stable	BBB+ Stable
Banking and Financial	M&T Bank Corporation	MTB	A3 Stable	A- Stable
Banking and Financial	Northern Trust Corporation	NTRS	A2 Stable	A+ Stable
Banking and Financial	PNC Financial Services Group, Inc.	PNC	A3 Stable	A- Stable
Banking and Financial	Popular, Inc.	BPOP	B2 Stable	BB- Positive
Banking and Financial	Regions Financial Corporation	RF	Baa2 Stable	BB- Positive
Banking and Financial	Royal Bank of Canada	TSX: RY	Aa3 Negative	AA-Stable
Banking and Financial	State Street Corporation	STT	A1 Stable	A Stable
Banking and Financial	Trust Financial Corporation	TFC	Baa1 Stable	A- Stable
Banking and Financial	SVB Financial Group	SIVB	A3 Stable	BBB Stable
Banking and Financial	US Bancorp	USB	A1 Stable	A+ Stable
Banking and Financial	Wells Fargo & Company	WFC	A2 Negative	A- Stable
Banking and Financial	Zions Bancorporation	ZION	Baa3 Stable	BBB+ Stable
Big Box	Best Buy Co., Inc.	BBY	Baa1 Stable	BBB Stable
Big Box	Big Lots, Inc	BIG	NR	BBB- Negative
Big Box	BJ's Wholesale Club, Inc.	BJ	B1 Stable	B+ Stable
Big Box	Costco Wholesale Corporation	COST	A1 Stable	A+ Stable
Big Box	Kohl's Corporation	KSS	Baa2 Stable	BBB Stable
Big Box	Michaels Inc.	MIK	Ba2 Stable	B+ Stable
Big Box	Office Depot, Inc	ODP	B1 Positive	B Stable
Big Box	Target Corporation	TGT	A2 Stable	A Stable
Big Box	Wal-Mart Stores, Inc.	WMT	Aa2 Stable	AA Stable
Home Improvements and Furnishings	Bed Bath & Beyond Inc.	BBBY	Baa3 Under Review	BB Negative
Home Improvements and Furnishings	Harbor Freight Tools USA, Inc.	Private	Ba3 Stable	BB- Negative
Home Improvements and Furnishings	Home Depot Inc.	HD	A2 Stable	A Stable
Home Improvements and Furnishings	Lowe's Companies, Inc.	LOW	Baa1 Stable	BBB+ Stable
Home Improvements and Furnishings	Pier 1 Imports, Inc.	PIR	NR	CCC- Negative
Home Improvements and Furnishings	Sherwin-Williams Co.	SHW	Baa3 Stable	BBB Stable
Home Improvements and Furnishings	The Container Store, Inc.	TCS	B2 Stable	B Stable
Home Improvements and Furnishings	Floors & Decor Holdings, Inc.	FND	B1 Stable	BB- Stable
Department Stores, Apparel and Accessories	Ascena Retail Group, Inc.	ASNA	Caa2 Negative	CCC Negative
Department Stores, Apparel and Accessories	Berkshire Hathaway, Inc.	BRK	Aa2 Stable	AA Stable
Department Stores, Apparel and Accessories	Burlington Stores, Inc.	BURL	NR	BB+ Stable
Department Stores, Apparel and Accessories	Carter's, Inc.	CRI	Ba1 Stable	BB+ Stable
Department Stores, Apparel and Accessories	Tapestry, Inc.	TRP	Baa2 Stable	BBB- Positive
Department Stores, Apparel and Accessories	Dillard's	DDS	Baa3 Stable	BB+ Stable
Department Stores, Apparel and Accessories	Foot Locker, Inc.	FL	Ba1 Stable	BB+ Stable
Department Stores, Apparel and Accessories	Gap, Inc.	GPS	Baa2 Stable	BB Negative
Department Stores, Apparel and Accessories	Hudson's Bay Company	TSX: HBC	NR	NR
Department Stores, Apparel and Accessories	J. Crew Group, Inc.	Private	Caa2 Developing	CCC- Negative
Department Stores, Apparel and Accessories	J.C. Penney Company, Inc.	JCP	Caa1 Stable	CCC Negative
Department Stores, Apparel and Accessories	L Brands, Inc.	LB	Ba2 Under Review	BB- Stable
Department Stores, Apparel and Accessories	Macy's	M	Baa2 Negative	BBB- Negative
Department Stores, Apparel and Accessories	Nordstrom, Inc.	JWN	Baa2 Stable	BBB Stable
Department Stores, Apparel and Accessories	Ross Stores, Inc.	ROST	A3 Stable	A- Stable
Department Stores, Apparel and Accessories	Sears Holdings Corporation	SHLD: Q	NR	NR
Department Stores, Apparel and Accessories	Signet Jewelers, Ltd.	SIG	NR	BB- Negative
Department Stores, Apparel and Accessories	Tailored Brands Inc.	TLRD	Ba3 Stable	B Negative
Department Stores, Apparel and Accessories	The Talbots, Inc.	Private	B2 Stable	B- Stable
Department Stores, Apparel and Accessories	The Neiman Marcus Group, LLC	Private	Caa3 Stable	CCC Negative
Department Stores, Apparel and Accessories	The TJX Companies, Inc.	TJX	A2 Stable	A+ Stable
Department Stores, Apparel and Accessories	Tiffany & Co.	TIF	Baa2 Stable	BBB+ Stable
Grocers	Albertsons, LLC	Private	Ba2 No Outlook	B+ Stable
Grocers	ALDI	Private	NR	NR
Grocers	Delhaize America, LLC	DEG	Baa2 Positive	NR
Grocers	Giant Eagle, Inc.	Private	NR	NR
Grocers	HEB Grocery Co.	Private	NR	NR
Grocers	Hy-Vee, Inc.	Private	NR	NR
Grocers	Publix Super Markets, Inc.	Private	NR	NR
Grocers	Raley's Family of Fine Stores, Inc.	Private	B2 Stable	B+ Stable
Grocers	Save Mart Supermarkets	Private	NR	NR
Grocers	Smart & Final Stores, Inc.	SFS	B3 Stable	NR
Grocers	Southeastern Grocers, LLC	Private	NR	NR
Grocers	Sprouts Farmers Market, Inc.	SFM	NR	NR
Grocers	Supervalu, Inc.	Private	NR	NR
Grocers	The Kroger Co.	KR	Baa1 Stable	BBB Stable
Grocers	Weis Markets, Inc.	WMK	NR	NR
Grocers	WinCo Foods, LLC	Private	NR	NR
Specialty & Other	7-Eleven, Inc.	Private	Baa1 Stable	AA- Negative
Specialty & Other	24 Hour Fitness Worldwide, Inc.	Private	Caa1 Stable	B- Negative
Specialty & Other	99 Cents Only Stores, LLC	Private	Caa1 Stable	CCC+ Developing
Specialty & Other	Alimentation Couche-Tard, Inc.	TSX: ATD	Baa2 Stable	BBB Stable
Specialty & Other	Alphabet, Inc.	GOOGL	Aa2 Stable	AA+ Stable
Specialty & Other	Amazon.com, Inc.	AMZN	Baa1 Positive	AA-Stable
Specialty & Other	AMC Entertainment, Inc.	AMC	B3 Stable	B Stable
Specialty & Other	Apple, Inc.	AAPL	Aa1 Stable	AA+ Stable
Specialty & Other	Bright Horizons Family Solutions	BFAM	B1 Stable	BB- Stable
Specialty & Other	CEC Entertainment, Inc.	Private	B3 Stable	B- Watch Pos
Specialty & Other	Choice Hotels International, Inc.	CHH	Baa3 Stable	BBB-Stable
Specialty & Other	Cinemark Holdings, Inc.	CNK	NR	BB Stable
Specialty & Other	DaVita Inc.	DVA	Ba3 Stable	BB Stable
Specialty & Other	Dollar General Corporation	DG	Baa2 Positive	BBB Stable
Specialty & Other	Dollar Tree, Inc.	DLTR	Baa3 Stable	BBB-Stable
Specialty & Other	FedEx Corporation	FDX	Baa2 Stable	BBB Stable
Specialty & Other	GameStop Corporation	GME	Ba2 Negative	B+ Negative
Specialty & Other	GNC Holdings, Inc.	GNC	B3 Stable	CCC+ Negative
Specialty & Other	Guitar Center, Inc.	Private	Caa1 Negative	CCC+ Negative
Specialty & Other	Hilton Worldwide Holdings, Inc.	HLT	Ba2 Stable	BB+ Stable
Specialty & Other	InterContinental Hotels Group plc	LSE: IHG	NR	BBB Stable
Specialty & Other	Jo-Ann Stores, LLC	Private	B2 Stable	B- Negative
Specialty & Other	KinderCare Education, LLC	Private	NR	NR
Specialty & Other	Learning Care Group (US) No 2, Inc.	Private	B3 Stable	B- Stable
Specialty & Other	Leslie's Poolmart, Inc.	Private	B2 Stable	B Stable
Specialty & Other	Life Time, Inc.	Private	B2 Stable	B Stable
Specialty & Other	Microsoft Corporation	MSFT	Aaa Negative	AAA Stable
Specialty & Other	Outfront Media, Inc.	OUT	Ba3 Stable	BB- Stable
Specialty & Other	Party City Holdings, Inc.	PRTY	B2 Stable	B Negative
Specialty & Other	PETCO Animal Supplies, Inc.	Private	B3 Negative	CCC+ Negative
Specialty & Other	PetSmart, Inc.	Private	Caa1 Negative	B- Stable
Specialty & Other	Rent-A-Center	RCII	B2 Developing	BB- Stable
Specialty & Other	Sally Beauty Holdings	SBH	NR	BB- Negative
Specialty & Other	Town Sports International Holdings Inc.	CLUB	NR	CCC Negative
Specialty & Other	United Parcel Service, Inc.	UPS	A1 Stable	A Stable
Specialty & Other	Wyndham Destinations, Inc.	WYN	Ba2 Stable	BB- Positive
Restaurants	Inspire Brands, Inc.	Private	NR	B+ Stable
Restaurants	Bloomin' Brands, Inc.	BLMN	Ba2 Stable	BB Negative
Restaurants	Brinker International, Inc.	EAT	Ba1 Stable	BB+ Stable
Restaurants	California Pizza Kitchen, Inc.	Private	Caa1 Negative	CCC- Negative
Restaurants	Carrols Restaurant Group, Inc.	TAST	B2 Stable	B Stable
Restaurants	Cracker Barrel Old Country Store, Inc.	CBL	NR	NR
Restaurants	Darden Restaurants, Inc.	DRI	Baa3 Stable	BBB Stable
Restaurants	Dine Brands Global, Inc.	DIN	NR	NR
Restaurants	Domino's Pizza, Inc.	DPZ	NR	NR
Restaurants	Dunkin's Brands Group, Inc.	DNKN	NR	NR
Restaurants	Chipotle Mexican Grill, Inc.	CMG	NR	NR
Restaurants	Jack in the Box, Inc.	JACK	NR	NR
Restaurants	McDonald's Corporation	MCD	Baa1 Stable	BBB+ Stable
Restaurants	P.F. Chang's China Bistro, Inc.	Private	B3 Stable	NR
Restaurants	Restaurant Brands International	QSR	NR	BB Stable
Restaurants	Starbucks Corporation	SBUX	Baa1 Negative	BBB+ Stable
Restaurants	Texas Roadhouse, Inc.	TXRH	NR	NR
Restaurants	The Cheesecake Factory, Inc.	CAKE	NR	NR
Restaurants	The Wendy's Company	WEN	B2 Stable	B Stable
Restaurants	Yum! Brands, Inc.	YUM	Ba3 Negative	BB Stable
Drug/Pharmacy	CVS Health Corporation	CVS	Baa1 UR	BBB Stable
Drug/Pharmacy	Rite Aid Corporation	RAD	B3 Negative	CCC+ Negative
Drug/Pharmacy	Walgreens Boots Alliance Inc.	WBA	Baa2 Stable	BBB Stable

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