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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 

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  

   

   

   

 
 
 
 

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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