> Quarterly Credit Rating Report
RATED TENANTS
TENANT MOODY'S MOODY'S S&P S&P TENANT MOODY'S MOODY'S S&P S&P
OUTLOOK OUTLOOK OUTLOOK OUTLOOK
STORES PNC Bank A2 stable A stable
7-Eleven Baa1 stable AA- stable TD Bank Aa1 negative AA- stable
Circle K (Alimentation BIG BOX
Baa3 stable BBB- stable
CouceTard) Best Buy Baa2 stable BB stable
Kangaroo (The Pantry) B2 stable B+ stable Costco A1 stable A+ stable
Shell Oil Aa2 stable AA stable Kohl's Baa1 stable BBB+ stable
AUTOMOTIVE Lowes A3 stable A- stable
Advance Auto Baa3 stable BBB- stable
Walmart Aa2 stable AA stable
AutoZone Baa1 stable BBB stable PHARMACIES
O'Reilly Auto Parts Baa2 stable BBB stable CVS Baa1 stable BBB+ stable
Pep Boys B1 stable B stable Rite Aid B2 stable B stable
Bridgestone A2 stable N/A N/A Walgreens Baa1 stable BBB stable
CASUAL DINING MEDICAL
Applebee's B2 stable B stable DaVita Dialysis Ba3 stable BB stable
(DineEquity)
Fresenius Medical Care Ba1 stable BB+ positive
Carrabbas (Bloomin' N/A N/A BB- positive
Brands) DOLLAR STORES
Chilis (Brinker Int.) Ba1 stable BBB- stable Dollar General Baa3 positive BBB- stable
IHOP (DineEquity) B2 stable B stable Family Dollar Baa3 stable BBB- stable
GROCERY
PF Changs B3 negative B- stable
Under Review
Ahold Baa3 Positive BBB stable
Darden Restaurants Baa3 (Possible B- stable Whole Foods withdrawn N/A BBB- stable
Downgrade)
QSR Wegmans N/A N/A BBB+ stable
Burger King B3 Stable B+ positive GENERAL
McDonald's A2 stable A stable FedEx Baa1 stable BBB stable
Starbucks A3 stable A- stable Sherwin Williams A3 stable A stable
Taco Bell (Yum Brands) Baa3 stable BBB stable Verizon Baa1 stable BBB+ stable
Wendy's B1 Stable B+ stable Burlington Coat B3 no outlook B stable
Factory
BANKS
Bass Pro Shops Ba3 stable BB- stable
Bank of America Baa2 stable A- negative
Pilot Flying J (Pilot Ba2 negative BB stable
BB&T Bank A2 stable A- stable Travel Centers)
Chase Bank A3 stable A+ stable Petco B3 stable B stable
Rating decrease since last report
Rating increase since last report
> Quarterly Credit Rating Report
CHART RATING TIERS
MOODY’S S&P FITCH DBRS
L RM SHORT RM L RM SHORT RM L RM SHORT RM L RM SHORT RM
Aaa AAA AAA AAA PRIME
R-1H
Aa1 AA+ AA+ AA(high)
A-1+ F1+
Aa2 AA AA AA HIGH GRADE
P-1 R-1M
Aa3 AA- AA- AA(low)
A1 A+ A+ A(high)
A-1 F1 UPPER
A2 A A A R-1L MEDIUM
A3 A- A- A(low) GRADE
P-2 A-2 F2
Baa1 BBB+ BBB+ BBB(high) R-2H
LOWER
Baa2 BBB BBB BBB R-2M MEDIUM
P-3 A-3 F3 GRADE
Baa3 BBB- BBB- BBB(low) R-2L, R-3
Ba1 BB+ BB+ BB(high)
Ba2 BB BB BB
R-4 N
Ba3 BB- BB- BB(low) INVESTMENT
B B
B1 B+ B+ B(high) GRADE
B2 B B B
SPECULATIVE
B3 B- B- B(low)
Caa1 CCC+ CCC(high)
Caa2 CCC CCC SUBSTANTIAL
RISKS
Caa3 CCC- CCC(low)
Not prime
CC(high) R-5
CC C CCC C CC
CC(low) EXTREMELY
Ca
C(high) SPECULATIVE
C C
C(low)
DDD
C D / DD / D D IN DEFAULT
D
