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Corporate Tenants Credit Ratings

    


  
The credit rating of a corporation is a financial indicator to potential investors of debt securities such as bonds. These are assigned by credit rating agencies such as A.M. Best, Dun & Bradstreet, Standard & Poor's, Moody's or Fitch Ratings and have letter designations such as A, B, C. The Standard & Poor's rating scale is as follows, from excellent to poor: AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-, CCC+, CCC, CCC-, CC, C, D. Anything lower than a BBB- rating is considered a speculative or junk bond.[3] The Moody's rating system is similar in concept but the naming is a little different. It is as follows, from excellent to poor: Aaa, Aa1, Aa2, Aa3, A1, A2, A3, Baa1, Baa2, Baa3, Ba1, Ba2, Ba3, B1, B2, B3, Caa1, Caa2, Caa3, Ca, C. A.M. Best rates from excellent to poor in the following manner: A++, A+, A, A-, B++, B+, B, B-, C++, C+, C, C-, D, E, F, and S. The CTRISKS rating system is as follows: CT3A, CT2A, CT1A, CT3B, CT2B, CT1B, CT3C, CT2C and CT1C. All these CTRISKS grades are mapped to one-year probability of default.  
  
Moody's S Fitch  
Long-term Short-term Long-term Short-term Long-term Short-term  
Aaa P-1 AAA A-1+ AAA F1+ Prime
Aa1 AA+ AA+ High grade
Aa2 AA AA
Aa3 AA- AA-
A1 A+ A-1 A+ F1 Upper medium grade
A2 A A
A3 P-2 A- A-2 A- F2
Baa1 BBB+ BBB+ Lower medium grade
Baa2 P-3 BBB A-3 BBB F3
Baa3 BBB- BBB-
Ba1 Not prime BB+ B BB+ B Non-investment grade
speculative
Ba2 BB BB
Ba3 BB- BB-
B1 B+ B+ Highly speculative
B2 B B
B3 B- B-
Caa1 CCC+ C CCC C Substantial risks
Caa2 CCC Extremely speculative
Caa3 CCC- In default with little
prospect for recovery
Ca CC
C
C D / DDD / In default
/ DD
/ D
  
  

(AAA = Prime) ;  (AA+, AA, AA- =  High Grade) ; (A+, A, A-= Upper medium grade) ; (BBB+, BBB, BBB-= Lower medium grade). Companies with a rating of BBB- and higher (S&P scale) are considered "investment grade". The higher the rating of a company, the lower the risk associated with the investment and the lower the cap and the higher the price. For example, McDonalds, "Upper medium grade" sells at cap of ~ 4 and Blockbuster, "In default with little prospect for recovery" sells at cap of ~ 10.

Cap= NOI/PRICE.  At Noi of $100k, Mcdonalds Price will be $2.5m and Blockbuster Price will be 1m.

    Rating    

    Probability of Default %   

AAA

00.52%

AA

01.31%

A

02.32%

BBB

06.64%

BB

19.52%

B

35.76%

CCC

54.38%

 
 
Tenant Credit Ratings 
 

Tenants    

Stock Symbol   

Standard & Poors   

Applebee's    

    

Aldi  

    

    

7-Eleven 

SE   

AA-   

Ashley Furniture   

    

    

Aaron's, Inc.   

AAN   

-   

Abercrombie & Fitch  

ANF   

BB-   

Advance Auto 

AAP   

BBB-   

Arby's  

WEN   

B   

Aspen Dental   

-   

B   

AT 

T   

BBB+   

AutoZone 

AZO   

BBB   

Avis/Budget Group  

CAR   

BB-   

Babies "R" Us    

    

    

Bank of America 

BAC   

A   

Bally Total Fitness   

BFTH   

-   

Banco Popular  

BPOP   

BB   

Bank United   

BKU   

-   

Barnes & Noble  

BKS   

-   

BB&T Bank 

BBT   

A-   

Compass Bank  

BBVA   

BBB   

Bebe   

BEBE   

-   

Bed, Bath & Beyond 

BBBY   

A-   

Best Buy   

BBY   

BB   

BJs Wholesale Club  

BJ   

B-   

Big 5 Sporting Goods Corp   

BGFV   

-   

Big Lots Inc.  

BIG   

BBB-   

Bi-Lo LLC   

-   

B   

Blockbuster  

BBI   

-   

Bob Evans Farms, Inc.   

BOBE   

-   

Bojangles  

    

    

BP America 

BP   

A   

Bridgestone/Firestone  

BRDCF   

-   

Buffalo Wild Wings   

BWLD   

-   

Burger King Corp. 

BKC   

B+   

Burlington Coat Factory   

BCF   

-   

California Pizza Kitchen  

CPKI   

B-   

Capital One Financial Corp   

COF   

BBB   

Carrols Restaurant Group Inc  

TAST   

B-   

Carrabba's Italian Grill LLC   

BLMN   

BB   

Chase Bank 

JPM   

A   

Cheesecake Factory   

CAKE   

-   

Chevron Corp 

CVX   

AA   

Checkers   

    

    

Chili's 

    

    

Chipotle   

CMG   

-   

Circle K   

ANCUF   

BBB   

Citibank 

C   

A   

Citizens Bank (RBS)  

RBS   

A-   

CKE Restaurants   

CKR   

B-   

Coach, Inc.  

COH   

BBB-   

Compass Bank   

CBSS   

BBB   

Costco Wholesale Corp 

COST   

A+   

Cracker Barrel   

CBRL   

-   

CVS 

CVS   

BBB+   

Dairy Queen   

DQ   

-   

Darden Restaurants  

DRI   

BBB-   

DaVita Inc 

DVA   

BB   

Denny's Corp.  

DENN   

-   

Dollar General 

DG   

BBB-   

Dollar Tree  

DLTR   

BB   

Dunkin Donuts   

    

B+   

Domino's Pizza  

DPZ   

-   

Einstein Brothers   

BAGL   

-   

Exxon Mobil 

XOM   

AAA   

Family Dollar   

FDO   

BBB-   

FedEx 

FDX   

BBB   

Flowers Foods Inc   

FLO   

BBB-   

Foot Locker 

FL   

BB+   

Food Lion 

DGE   

BBB-   

Fred's  

FRED   

-   

Fresenius   

FME   

BBB-   

Fresh & Easy   

TSCO   

BB+   

Gamestop Corp   

GME   

BB+   

Goodyear 

GT   

BB   

Guess? Inc   

GES   

-   

Hobby Lobby  

    

    

H&R Block   

HRB   

BBB   

Hhgregg Inc.  

HGG   

-   

Home Depot 

HD   

A   

Ihop  

    

    

J.Crew   

JCG   

B-   

Jack in The Box 

JACK   

-   

Jiffy Lube 

    

    

JC Penney 

JCP   

CCC+   

Jos A. Bank   

JOSB   

-   

KFC 

    

    

Kenneth Cole   

KCP   

-   

Key Bank 

KEY   

A-   

Kindercare 

    

    

kmart 

    

    

Kohl's Corp. 

KSS   

BBB   

Kroger  

KR   

BBB   

Logan's Roadhouse Inc   

-   

CCC   

Lowe's 

LOW   

A-   

Macy's Inc.   

M   

BBB+   

Mattress Firm Holding Corp  

MFRM   

B   

McDonalds Corp. 

MCD   

A-   

Men's Wearhouse  

MW   

B+   

Napa Auto Parts   

    

    

Nordstrom 

JWN   

A-   

Office Depot 

ODP   

B-   

Olive Garden 

DRI   

BBB-   

O'Reilly Automotive Inc.   

ORLY   

-   

Panera  

PNRA   

-   

Publix   

    

    

Papa John's   

PZZA   

-   

Pep Boys 

PBY   

B   

Petsmart 

PETM   

B+   

Pizza Hut 

    

    

Pier 1 Imports  

PIR   

B+   

PNC Bank 

PNC   

A   

Polo Ralph Lauren Corp  

RL   

A   

Popeye's 

    

    

Radio Shack 

RSH   

-   

RBC Bank 

RY   

-   

Red Robin Gourmet Burgers  

RRGB   

-   

Red Lobster   

DRI   

BBB-   

Regal Entertainment Group 

RGC   

B+   

Rite-Aid 

RAD   

B   

Ross Stores 

ROST   

A-   

Ruby Tuesday 

RT   

B-   

Safeway 

SWY   

B   

Sears Holdings 

SHLD   

CCC+   

Shell Oil 

SHOI   

AA   

Sherwin-Williams   

SHW   

A   

Sheetz  

    

    

Sonic Corporation   

SONC   

-   

Staples 

SPLS   

BBB-   

Sprint Corp   

S   

B+   

Starbucks 

SBUX   

A-   

SunTrust Bank   

STI   

A-   

Taco Bell 

    

    

Target 

TGT   

A   

TD Bank N.A.  

BNK   

AA-   

Tsco   

TSCO   

BB+   

Texas Roadhouse, Inc  

TXRH   

-   

The Gap, Inc. 

GPS   

BBB-   

Tiffany & Co.  

TIF   

BBB+   

TJ. Maxx/Marshalls/Home Goods   

TJX   

A+   

T-Mobile 

DTE   

BBB+   

Tractor Supply Company   

TSCO   

-   

Valero Energy Corp  

VLO   

BBB   

Verizon 

VZ   

BBB+   

Walgreen Co 

WAG   

BBB   

Wawa   

    

    

Wal-Mart 

WMT   

AA   

Wachovia 

    

    

Wells Fargo  

WFC   

A+   

Wendy's/Arby's Group 

WEN   

B   

Winn-Dixie  

    

    

Whole Foods 

WFMI   

BBB-   

Yum! Brands  

YUM   

BBB   

    

    

    

 
 
 
 

 NNN Properties  For 1031 Exchange 

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Tenant Reviews

Credit Ratings
Applebees
Aldi
7- Eleven
Ashley Furniture
Aaron's
Abercrombie
Advance Auto Parts
Arby's
Aspen Dental
AT
Autozone
Avis
Babies "R" Us
Bank of America
Bally Total Fitness
Banco Popular
Bank United
Barnes & Noble
BB
Bebe
Bed Bath & Beyond
Best Buy
Big 5
Big Lots
Bi-Lo
BJ's
Blockbuster
Bob Evans
Bojangles
BP
Bridgestone
Buffalo Wild Wings
Burger King
Burlington Coat Factory
California Pizza Kitchen
Capital One Bank
Carrols Restaurant Group
Carrabba's Italian Grill
Chase Bank
Cheesecake Factory
Chevron
Checkers
Chili's
Chipotle
Circle K
Citibank
Citizens Bank
CKE Restaurants
Compass Bank
Costco
Cracker Barrel
CVS
Dairy Queen
Darden Restaurants
DaVita
Denny's
Dollar General
Dollar Tree
Dunkin Donuts
Domino's Pizza
Einstein Bros. Bagels
Exxon Mobil
Family Dollar
Flowers Foods
FedEx
Foot Locker
Fred's
Food Lion
Fresenius
Fresh & Easy
Gamestop
Goodyear
Guess
Hobby Lobby
Gap
H&R Block
Hhgregg
Ihop
Home Depot
J.Crew
Jiffy Lube
Jack in the Box
JC Penney
Jos A. Bank
KFC
Kenneth Cole
Key Bank
Kindercare
Kmart
Kohl's
Kroger
Logan's Roadhouse
Macy's
Lowe's
Mattress Firm
McDonald
Men's Wearhouse
Napa Auto Parts
Nordstrom
Office Max
Office Depot
O'Reilly
Olive Garden
Panera
Publix
Papa John's
Pep Boys
PetSmart
Pier 1 Imports
Pizza Hut
Petco
PNC Bank
Polo Ralph Lauren
Popeyes
Radio Shack
RBC Bank
Red Robin
Red Lobster
Regal
Rite Aid
Ross Stores
Safeway
Ruby Tuesdays
Sears
Shell Oil
Sherwin-Williams
Sheetz
Sonic
Sprint
Staples
Starbucks
SunTrust Bank
Taco Bell
TD Bank
Target
Tsco
Texas Roadhouse
Tiffany
TJ. Maxx
T-Mobile
Valero
Verizon
Wachovia
Wawa
Walgreen
Wal-Mart
Wells Fargo
Winn-Dixie
Wendy's
Yum! Brands
Whole Foods