trending Market Intelligence /marketintelligence/en/news-insights/trending/5DnBtnAwMP-WQVjaKl2eVQ2 content esgSubNav
In This List

Fitch upgrades STORE Capital

Blog

Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Fitch upgrades STORE Capital

Fitch Ratings upgraded STORE Capital Corp.'s ratings to BBB from BBB-, with a stable outlook.

The upgraded ratings include the company's issuer default, senior unsecured revolving credit facility, senior unsecured term loan and senior unsecured note ratings.

Fitch attributed the upgrade to STORE's strong management team, solid credit metrics, unique investment approach and diversified portfolio. It also lauded the company's commitment to strengthening its financial metrics, particularly in keeping its leverage in the 5.5x to 6.0x area.

The rating agency, however, expressed concern over the company's master funding conduit program in relation to its debt capitalization. It noted that the conduit's cross-collateralization features may limit STORE's financial flexibility in more stressed markets and give the issuer economic incentives to prioritize the encumbered asset pool.