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Fitch upgrades VEREIT ratings

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Fitch upgrades VEREIT ratings

Fitch Ratings upgraded its ratings on VEREIT Inc., including its long-term issuer default rating to BBB from BBB-, with a stable outlook.

The ratings are based on the single-tenant real estate investment trust's strong credit profile and management team, as well as its diversified portfolio, among other factors, and are offset by the fact that the company is still in the latter stages of completing its capital repositioning strategy.

The upgrade follows the REIT's recent settlement of a class-action litigation in connection with overstatements of adjusted funds from operations in certain of its 2014 and earlier financial statements, according to the rating agency.

The upgrade primarily takes into account Fitch's expectation that the REIT will sustain leverage below 6.0x, an unencumbered asset/unsecured debt ratio at or above 2.0x and keep a stable operating performance.