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Fitch affirms Realty Income's issuer default rating

Fitch Ratings affirmed commercial property-focused real estate investment trust Realty Income Corp.'s issuer default rating at BBB+, with a stable outlook.

The affirmation is underpinned by the REIT's stable operating cash flow-producing retail net lease portfolio, purchase strategy, management record and credit strengths. The rating agency projects Realty Income's leverage to remain in the mid-5.0x range over the next 12 to 24 months.

The stable outlook is based on Fitch's expectation that the group will operate within its targets and have enough capacity to tackle potential tenant credit issues.