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Fitch affirms Realty Income rating

Fitch Ratings affirmed its long-term issuer default rating on single-tenant net-lease real estate investment trust Realty Income Corp. at BBB+, with a stable outlook.

The rating agency said the affirmation is based on the REIT's stable property occupancy levels and cash flows through multiple business cycles, thanks to its granular portfolio. The action also takes into account the REIT's sizable liquidity and appropriate credit protection metrics, among other credit strengths.

The stable outlook is driven by Fitch's expectation that the REIT will maintain leverage in the mid-5.0x range over the next 12 to 24 months, according to the rating agency.