Retail Tenant Credit Ratings for First Quarter 2020 From Moody’s and S&P

 In 1031, Absolute Net Dollar General for Sale, California, Commercial, Ohio, real estate

Investors looking for triple net or absolute net retail investment properties interested in a commercial loan know that the national credit retailers’ credit ratings with S&P and Moody’s are hugely important for getting a loan at decent rates and terms or even getting the loan at all.

Investment-grade credit is S&P BBB or above. For the best loan with the best terms by the best lenders including life companies. Occasionally, you can get a BBB- rated retailer done by the big lenders, including life companies if the fundamentals are really right. For non-rated local retailers, restaurants, etc., a local bank with whom you have an existing banking relationship is your best choice.  And better to be unrated than to have a B- or a C rating.

I created a credit rating chart about a decade ago and update every quarter so now time for the 1st quarter 2020 update.

For new readers, what I primarily do is 1031 uplegs (replacement properties) for an exchanger’s downleg (relinquished property). We look for single tenant, single parcel, national credit, absolute net, usually retail type properties.

I work with experienced owners who currently have multifamily or multitenant retail and have tired of the day to day management duties. Owners who are looking for replacement properties where there are few to zero-day to day management requirements.

If you have any questions or are planning on doing a 1031 exchange with a property you have for sale and need info on a retailer, call me, Scott Harris Realtor at 310-473-4789 or 614-905-6614.

Tenant Credit Ratings (updated 1-14-2020)

TypeTenantTickerMoody'sS&P
AutomotiveAdvance Auto PartsAAPBaa2 StableBBB-Stable
AutomotiveAshland Global Holdings, Inc.ASHBa1 StableBB+ Stable
AutomotiveAutoNation, Inc.ANBaa3 StableBBB-Stable
AutomotiveAutoZone, IncAZOBaa1 StableBBB Stable
AutomotiveAvis Budget Group, Inc.CARBa3 StableBB Stable
AutomotiveBridgestone CorporationTSE: 5108A2 StableA Stable
AutomotiveBP plcLSE: BPA2 PositiveA- Stable
AutomotiveChevron CorporationCVXAa2 StableAA Stable
AutomotiveCitgo Petroleum CorporationPrivateCaa1 NegativeB- Watch Dev
AutomotiveExxon Mobil CorporationXOMAaa NegativeAA+ Negative
AutomotiveGoodyear Tire & Rubber Co.GTBa2 StableBB Stable
AutomotiveHertz Global Holdings, Inc.HTZB1 NegativeB+ Stable
AutomotiveMarathon Petroleum CorporationMPCBaa2 NegativeBBB Stable
AutomotiveO'Reilly Automotive, Inc.ORLYBaa1 StableBBB Stable
AutomotivePhillips 66PSXA3 NegativeBBB+ Stable
AutomotiveRoyal Dutch Shells plcENXTAM: RDSAAa2 StableAA-Stable
AutomotiveSumitomo CorporationTSE: 8053Baa1 NegativeA- Negative
AutomotiveAndeavor Logistics LPANDXBa1 PositiveBBB Stable
AutomotiveValero Energy CorporationVLOBaa2 StableBBB Stable
TelecommunicationsAT&T Inc.TBaa2 StableBBB Stable
TelecommunicationsComcast CorporationCMCSA3 StableA- Stable
TelecommunicationsCox Enterprises, Inc.PrivateBaa2 StableBBB Stable
TelecommunicationsT-MobileTMUSBa2 StableBB+ Watch Neg
TelecommunicationsSprint CorporationSB1 StableB Watch Pos
TelecommunicationsVerizon Communications Inc.VZBaa1 StableBBB+ Stable
Banking and FinancialBanco Santander, S.A.BME: SANA2 StableA Stable
Banking and FinancialBank of America CorporationBACA3 StableA- Stable
Banking and FinancialBank of New York Mellon CorporationBKA1 StableA Stable
Banking and FinancialCapital One Financial CorporationCOFBaa1 StableBBB Stable
Banking and FinancialCitigroup, Inc.CBaa1 StableBBB+ Stable
Banking and FinancialEast West Bancorp, Inc.EWBCNRBBB Stable
Banking and FinancialFifth Third BancorpFITBBaa1 StableBBB+ Stable
Banking and FinancialFirst Republic BankFRCBaa1 StableA- Stable
Banking and FinancialHSBC Holdings plcLSE: HSBAA2 NegativeA Stable
Banking and FinancialJP Morgan Chase & Co.JPMA3 StableA- Stable
Banking and FinancialKeycorpKEYBaa1 StableBBB+ Stable
Banking and FinancialM&T Bank CorporationMTBA3 StableA- Stable
Banking and FinancialNorthern Trust CorporationNTRSA2 StableA+ Stable
Banking and FinancialPNC Financial Services Group, Inc.PNCA3 StableA- Stable
Banking and FinancialPopular, Inc.BPOPB2 StableBB- Positive
Banking and FinancialRegions Financial CorporationRFBaa2 StableBB- Positive
Banking and FinancialRoyal Bank of CanadaTSX: RYAa3 NegativeAA-Stable
Banking and FinancialState Street CorporationSTTA1 StableA Stable
Banking and FinancialTrust Financial CorporationTFCBaa1 StableA- Stable
Banking and FinancialSVB Financial GroupSIVBA3 StableBBB Stable
Banking and FinancialUS BancorpUSBA1 StableA+ Stable
Banking and FinancialWells Fargo & CompanyWFCA2 NegativeA- Stable
Banking and FinancialZions BancorporationZIONBaa3 StableBBB+ Stable
Big BoxBest Buy Co., Inc.BBYBaa1 StableBBB Stable
Big BoxBig Lots, IncBIGNRBBB- Negative
Big BoxBJ's Wholesale Club, Inc.BJB1 StableB+ Stable
Big BoxCostco Wholesale CorporationCOSTA1 StableA+ Stable
Big BoxKohl's CorporationKSSBaa2 StableBBB Stable
Big BoxMichaels Inc.MIKBa2 StableB+ Stable
Big BoxOffice Depot, IncODPB1 PositiveB Stable
Big BoxTarget CorporationTGTA2 StableA Stable
Big BoxWal-Mart Stores, Inc.WMTAa2 StableAA Stable
Home Improvements and FurnishingsBed Bath & Beyond Inc.BBBYBaa3 Under ReviewBB Negative
Home Improvements and FurnishingsHarbor Freight Tools USA, Inc.PrivateBa3 StableBB- Negative
Home Improvements and FurnishingsHome Depot Inc.HDA2 StableA Stable
Home Improvements and FurnishingsLowe's Companies, Inc.LOWBaa1 StableBBB+ Stable
Home Improvements and FurnishingsPier 1 Imports, Inc.PIRNRCCC- Negative
Home Improvements and FurnishingsSherwin-Williams Co.SHWBaa3 StableBBB Stable
Home Improvements and FurnishingsThe Container Store, Inc.TCSB2 StableB Stable
Home Improvements and FurnishingsFloors & Decor Holdings, Inc.FNDB1 StableBB- Stable
Department Stores, Apparel and AccessoriesAscena Retail Group, Inc.ASNACaa2 NegativeCCC Negative
Department Stores, Apparel and AccessoriesBerkshire Hathaway, Inc.BRKAa2 StableAA Stable
Department Stores, Apparel and AccessoriesBurlington Stores, Inc.BURLNRBB+ Stable
Department Stores, Apparel and AccessoriesCarter's, Inc.CRIBa1 StableBB+ Stable
Department Stores, Apparel and AccessoriesTapestry, Inc.TRPBaa2 StableBBB- Positive
Department Stores, Apparel and AccessoriesDillard'sDDSBaa3 StableBB+ Stable
Department Stores, Apparel and AccessoriesFoot Locker, Inc.FLBa1 StableBB+ Stable
Department Stores, Apparel and AccessoriesGap, Inc.GPSBaa2 StableBB Negative
Department Stores, Apparel and AccessoriesHudson's Bay CompanyTSX: HBCNRNR
Department Stores, Apparel and AccessoriesJ. Crew Group, Inc.PrivateCaa2 DevelopingCCC- Negative
Department Stores, Apparel and AccessoriesJ.C. Penney Company, Inc.JCPCaa1 StableCCC Negative
Department Stores, Apparel and AccessoriesL Brands, Inc.LBBa2 Under ReviewBB- Stable
Department Stores, Apparel and AccessoriesMacy'sMBaa2 NegativeBBB- Negative
Department Stores, Apparel and AccessoriesNordstrom, Inc.JWNBaa2 StableBBB Stable
Department Stores, Apparel and AccessoriesRoss Stores, Inc.ROSTA3 StableA- Stable
Department Stores, Apparel and AccessoriesSears Holdings CorporationSHLD: QNRNR
Department Stores, Apparel and AccessoriesSignet Jewelers, Ltd.SIGNRBB- Negative
Department Stores, Apparel and AccessoriesTailored Brands Inc.TLRDBa3 StableB Negative
Department Stores, Apparel and AccessoriesThe Talbots, Inc.PrivateB2 StableB- Stable
Department Stores, Apparel and AccessoriesThe Neiman Marcus Group, LLCPrivateCaa3 StableCCC Negative
Department Stores, Apparel and AccessoriesThe TJX Companies, Inc.TJXA2 StableA+ Stable
Department Stores, Apparel and AccessoriesTiffany & Co.TIFBaa2 StableBBB+ Stable
GrocersAlbertsons, LLCPrivateBa2 No OutlookB+ Stable
GrocersALDIPrivateNRNR
GrocersDelhaize America, LLCDEGBaa2 PositiveNR
GrocersGiant Eagle, Inc.PrivateNRNR
GrocersHEB Grocery Co.PrivateNRNR
GrocersHy-Vee, Inc.PrivateNRNR
GrocersPublix Super Markets, Inc.PrivateNRNR
GrocersRaley's Family of Fine Stores, Inc.PrivateB2 StableB+ Stable
GrocersSave Mart SupermarketsPrivateNRNR
GrocersSmart & Final Stores, Inc.SFSB3 StableNR
GrocersSoutheastern Grocers, LLCPrivateNRNR
GrocersSprouts Farmers Market, Inc.SFMNRNR
GrocersSupervalu, Inc.PrivateNRNR
GrocersThe Kroger Co.KRBaa1 StableBBB Stable
GrocersWeis Markets, Inc.WMKNRNR
GrocersWinCo Foods, LLCPrivateNRNR
Specialty & Other7-Eleven, Inc.PrivateBaa1 StableAA- Negative
Specialty & Other24 Hour Fitness Worldwide, Inc.PrivateCaa1 StableB- Negative
Specialty & Other99 Cents Only Stores, LLCPrivateCaa1 StableCCC+ Developing
Specialty & OtherAlimentation Couche-Tard, Inc.TSX: ATDBaa2 StableBBB Stable
Specialty & OtherAlphabet, Inc.GOOGLAa2 StableAA+ Stable
Specialty & OtherAmazon.com, Inc.AMZNBaa1 PositiveAA-Stable
Specialty & OtherAMC Entertainment, Inc.AMCB3 StableB Stable
Specialty & OtherApple, Inc.AAPLAa1 StableAA+ Stable
Specialty & OtherBright Horizons Family SolutionsBFAMB1 StableBB- Stable
Specialty & OtherCEC Entertainment, Inc.PrivateB3 StableB- Watch Pos
Specialty & OtherChoice Hotels International, Inc.CHHBaa3 StableBBB-Stable
Specialty & OtherCinemark Holdings, Inc.CNKNRBB Stable
Specialty & OtherDaVita Inc.DVABa3 StableBB Stable
Specialty & OtherDollar General CorporationDGBaa2 PositiveBBB Stable
Specialty & OtherDollar Tree, Inc.DLTRBaa3 StableBBB-Stable
Specialty & OtherFedEx CorporationFDXBaa2 StableBBB Stable
Specialty & OtherGameStop CorporationGMEBa2 NegativeB+ Negative
Specialty & OtherGNC Holdings, Inc.GNCB3 StableCCC+ Negative
Specialty & OtherGuitar Center, Inc.PrivateCaa1 NegativeCCC+ Negative
Specialty & OtherHilton Worldwide Holdings, Inc.HLTBa2 StableBB+ Stable
Specialty & OtherInterContinental Hotels Group plcLSE: IHGNRBBB Stable
Specialty & OtherJo-Ann Stores, LLCPrivateB2 StableB- Negative
Specialty & OtherKinderCare Education, LLCPrivateNRNR
Specialty & OtherLearning Care Group (US) No 2, Inc.PrivateB3 StableB- Stable
Specialty & OtherLeslie's Poolmart, Inc.PrivateB2 StableB Stable
Specialty & OtherLife Time, Inc.PrivateB2 StableB Stable
Specialty & OtherMicrosoft CorporationMSFTAaa NegativeAAA Stable
Specialty & OtherOutfront Media, Inc.OUTBa3 StableBB- Stable
Specialty & OtherParty City Holdings, Inc.PRTYB2 StableB Negative
Specialty & OtherPETCO Animal Supplies, Inc.PrivateB3 NegativeCCC+ Negative
Specialty & OtherPetSmart, Inc.PrivateCaa1 NegativeB- Stable
Specialty & OtherRent-A-CenterRCIIB2 DevelopingBB- Stable
Specialty & OtherSally Beauty HoldingsSBHNRBB- Negative
Specialty & OtherTown Sports International Holdings Inc.CLUBNRCCC Negative
Specialty & OtherUnited Parcel Service, Inc.UPSA1 StableA Stable
Specialty & OtherWyndham Destinations, Inc.WYNBa2 StableBB- Positive
RestaurantsInspire Brands, Inc.PrivateNRB+ Stable
RestaurantsBloomin' Brands, Inc.BLMNBa2 StableBB Negative
RestaurantsBrinker International, Inc.EATBa1 StableBB+ Stable
RestaurantsCalifornia Pizza Kitchen, Inc.PrivateCaa1 NegativeCCC- Negative
RestaurantsCarrols Restaurant Group, Inc.TASTB2 StableB Stable
RestaurantsCracker Barrel Old Country Store, Inc.CBLNRNR
RestaurantsDarden Restaurants, Inc.DRIBaa3 StableBBB Stable
RestaurantsDine Brands Global, Inc.DINNRNR
RestaurantsDomino's Pizza, Inc.DPZNRNR
RestaurantsDunkin's Brands Group, Inc.DNKNNRNR
RestaurantsChipotle Mexican Grill, Inc.CMGNRNR
RestaurantsJack in the Box, Inc.JACKNRNR
RestaurantsMcDonald's CorporationMCDBaa1 StableBBB+ Stable
RestaurantsP.F. Chang's China Bistro, Inc.PrivateB3 StableNR
RestaurantsRestaurant Brands InternationalQSRNRBB Stable
RestaurantsStarbucks CorporationSBUXBaa1 NegativeBBB+ Stable
RestaurantsTexas Roadhouse, Inc.TXRHNRNR
RestaurantsThe Cheesecake Factory, Inc.CAKENRNR
RestaurantsThe Wendy's CompanyWENB2 StableB Stable
RestaurantsYum! Brands, Inc.YUMBa3 NegativeBB Stable
Drug/PharmacyCVS Health CorporationCVSBaa1 URBBB Stable
Drug/PharmacyRite Aid CorporationRADB3 NegativeCCC+ Negative
Drug/PharmacyWalgreens Boots Alliance Inc.WBABaa2 StableBBB Stable

 

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