TENANT CREDIT RATINGS
Third Quarter 2023
Following ratings and probability estimates provided for general information
purposes only and should not be relied on without further verification.
| TENANT | Stock Symbol | Standard & Poors | Probability of Default (5 years) | Moodys | Probability of Default (5 years) |
|---|---|---|---|---|---|
| 99 Cents Only Stores, Inc. | NDN | CCC | 14.00% | Caa2 | 17.00% |
| 7-Eleven | – | AA- | 0.059% | Baa2 | 0.23% |
| AB Volvo | VOLVY | A | 0.20% | A2 | 0.11% |
| Aaron’s, Inc. | AAN | BB- | 1.22% | B1 | 1.32% |
| Advance Auto | AAP | BBB- | 0.37% | Baa2 | 0.23% |
| Advanced Micro Devices | AMD | A- | 2.01% | A3 | 0.14% |
| Abercrombie & Fitch | ANF | BB- | 1.22% | Ba2 | 0.54% |
| Aeropostale | ARO | – | – | – | – |
| Ahold Delhaize N.V. | AHO | BBB+ | 0.26% | Baa1 | 0.18% |
| Alberto-Culver | ALBE | – | – | RW | – |
| Albertsons Companies LLC | ABS | BB | 0.73% | Ba2 | 0.54% |
| ALDI | – | – | – | – | – |
| Allstate Corp | ALL | A- | 0.15% | A3 | 0.14% |
| Alphabet Inc | GOOGL | AA+ | 0.03% | Aa2 | 0.04% |
| Amazon.com Inc. | AMZN | AA | 0.04% | A1 | 0.08% |
| AMC Entertainment | AMC | CCC+ | 8.68% | Caa2 | 17.00% |
| Amerigas Partners | APU | NR | – | Ba3 | 0.85% |
| Ann Taylor (Ascena) | ASNA | – | – | RW | – |
| Apple Inc. | AAPL | AA+ | 0.03% | Aa1 | 0.03% |
| Applebee’s | DIN | – | – | RW | – |
| Arby’s (Inspire Brands) | IRB | B+ | 2.01% | B2 | 2.06% |
| Army & Air Force Exchange Service | – | AA- | 0.06% | Aa3 | 0.06% |
| Ashland LLC | ASH | BB+ | 0.52% | Ba1 | 0.41% |
| Ashley Furniture | – | – | – | – | – |
| Aspen Dental Mangement Inc | ADMI | B | 3.34% | B3 | 4.17% |
| AT & T | T | BBB | 0.26% | Baa2 | 0.23% |
| AutoNation | AN | BBB- | 0.37% | Baa3 | 0.31% |
| AutoZone | AZO | BBB | 0.26% | Baa1 | 0.18% |
| Avis/Budget Group | CAR | BB | 0.73% | Ba3 | 0.85% |
| Bally Total Fitness | BLLY | – | – | – | – |
| Banco Popular | BPOP | BBB- | 0.37% | Baa3 | 0.31% |
| Bank of America N.A. | BAC | A+ | 0.08% | A1 | 0.08% |
| Bank of New York Mellon | BK | A | 0.12% | Aa2 | 0.04% |
| BankUnited, Inc | BKU | – | – | A2 | 0.04% |
| Barclays Bank PLC | BCS | – | – | A1 | 0.08% |
| Barnes & Noble | BKS | – | – | RW | – |
| Bass Pro LLC (Great Outdoors Group) | – | BB | 0.73% | Ba3 | 0.85% |
| BB & T (Truist Bank) | BBT | A | 0.12% | A3 | 0.11% |
| BBVA | BBVA | A | 0.12% | A3 | 0.14% |
| Bed, Bath & Beyond | BBBY | – | – | RW | – |
| Berkshire Hathaway Inc | BRKA | AA | 0.04% | Aa2 | 0.04% |
| Best Buy | BBY | BBB+ | 0.20% | A3 | 0.14% |
| Big Lots Inc. | BIG | – | – | – | – |
| Bi-Lo LLC | – | – | – | Ba1 | 0.41% |
| Big 5 Sporting Goods Corp | BGFV | – | – | RW | – |
| BJ’s Restaurant, Inc. | BJRI | – | – | – | – |
| BJsWholesaleClub | BJ | BB+ | 0.52% | Ba1 | 0.41% |
| Blockbuster Entertainment | BBI | – | – | RW | – |
| Bloomin’ Brands | BLMN | BB- | 1.22% | Ba3 | 0.85% |
| BMO Harris Bank | BMO | A+ | 0.08% | A1 | 0.08% |
| Bob Evans Farms, Inc. | BOBE | B+ | 2.01% | B1 | 1.32% |
| Bojangles’ | BOJA | – | – | RW | – |
| Books-A-Million | BAMM | – | – | – | – |
| Bowlero Corp AMF | BAMF | B | 3.34% | B1 | 1.32% |
| BP | BP | A- | 0.15% | A2 | 0.11% |
| Branch Banking & Trust | BBT | A | 0.12 | A3 | 0.14% |
| Bridgestone Corp | BRDCF | A | 0.12% | A2 | 0.11% |
| Bright Horizons | BFAM | BB- | 1.22% | B1 | 1.32% |
| Brinker Intemational | EAT | BB- | 1.22% | Ba3 | 0.85% |
| Brown Shoe Company (Caleres Inc) | CAL | B+ | 2.01% | RW | – |
| Build-A-Bear Workshop | BBW | – | – | – | – |
| Burger King Corp. | BKC | – | – | RW | – |
| Burlington Coat Factory Warehouse | BURL | BB+ | 0.52% | Ba2 | 0.54% |
| Caleres Inc | CAL | B+ | 2.01 | RW | – |
| California Pizza Kitchen | CPKI | – | – | RW | – |
| Capital One Financial Corp | COF | BBB | 0.26% | Baa1 | 0.18% |
| Carrabba’s Italian Grill LLC (Bloomin’ Brands Inc) | BLMN | BB- | 1.22% | Ba3 | 0.85% |
| Carrols Corp/Carrols Restaurant Group Inc | TAST | CCC+ | 8.68% | Caa1 | 8.42% |
| Carter’s Inc | CRI | BB+ | 0.52% | RW | – |
| Cato’s | CATO | – | – | – | – |
| Casual Male Corp (Destination XL Group) | DXLG | – | – | RW | – |
| CEC Entertainment | CEC | B- | 5.38% | B3 | 4.17% |
| Charming Shoppes | ASNA | – | – | RW | – |
| Chase Bank | JPM | A+ | 0.08% | Aa1 | 0.03% |
| Cheesecake Factory | CAKE | – | – | – | – |
| Chevron Corp | CVX | AA- | 0.06% | Aa2 | 0.04% |
| Chico’s FAS Inc. | CHS | – | – | – | – |
| Children’s Place | PLCE | – | – | – | – |
| Chipotle | CMG | – | – | – | – |
| Choice Hotels Int’l. Inc. | CHH | BBB- | 0.37% | Baa3 | 0.31% |
| Circle K (Alimentation Couche-Tard) | ATD.A | BBB | 0.26% | Baa1 | 0.18% |
| Cinemark USA | CNK | B+ | 2.01% | B2 | 2.06% |
| Citgo Petroleum | – | B- | 5.38% | B3 | 4.17% |
| Citibank N.A. | C | A+ | 0.08% | Aa3 | 0.06% |
| Citizens Bank N.A. | CFG | A- | 0.15% | A3 | 0.14% |
| City National Bank | CYN | AA- | 0.06% | A2 | 0.11% |
| Citi Trends | CTRN | – | – | – | – |
| Coach, Inc. | TPR | BBB- | 0.37% | Baa2 | 0.23% |
| Comcast | CMCSA | A- | 0.15% | A3 | 0.14% |
| Comerica Bank | CMA | A- | 0.15% | Baa1 | 0.18% |
| Commerce Bank NA | CBSH | A | 0.12% | A1 | 0.08% |
| Compass Bank | CBSS | – | A2 | 0.12% | |
| Conoco Phillips Co | COP | – | – | RW | – |
| Container Store (The) | TCS | B | 3.34% | B1 | 1.32% |
| Conn’s Inc. | CONN | – | – | RW | – |
| Cost Plus Inc. now World Market (now World Market part of BBBY) | BBBY | – | – | RW | – |
| Costco Wholesale Corp | COST | A+ | 0.08% | Aa3 | 0.06% |
| Cox Communications | COX | BBB | 0.26% | Baa2 | 0.23% |
| Cox Enterprises Inc | CSMOILO | BBB | 0.26% | Baa2 | 0.23% |
| CVS | CVS | BBB | 0.26% | Baa2 | 0.23% |
| Dairy Queen (A Berkshire Hathaway Company) | BRKA | AA | 0.04% | Aa2 | 0.04% |
| Darden Restaurants | DRI | BBB | 0.26% | Baa3 | 0.31% |
| DaVita Inc | DVA | BB | 0.73% | Ba3 | 0.85% |
| Dell Inc. | DELL | – | – | Baa3 | 0.31% |
| Denny’s Corp. | DENN | – | – | RW | – |
| Deutsche Bank | DB | A- | 0.15% | A1 | 0.08% |
| Dillard’s Inc. | DDS | BB+ | 0.52% | Baa3 | 0.31% |
| Dollar General | DG | BBB | 0.26% | Baa2 | 0.23% |
| Dollar Tree | DLTR | BBB | 0.26% | Baa2 | 0.23% |
| Dress Barn | ASNA | – | – | RW | – |
| East West Bancorp | EWBC | BBB | 0.26% | – | – |
| Exxon Mobil | XOM | AA- | 0.06% | Aa2 | 0.04% |
| F.N.B. Corporation | FNB | BBB- | 0.37% | Baa2 | 0.23% |
| Federal Express Corp | FDX | BBB | 0.26% | Baa2 | 0.23% |
| Fiat Chrysler Automobiles N.V (Stellantis) | FCAU | BBB | 0.26% | Baa2 | 0.23% |
| Fifth Third Bancorp | FITB | BBB+ | 0.20% | Baa1 | 0.18% |
| First Republic Bank | FRC | – | – | RW | – |
| Flowers Foods Inc | FLO | BBB | 0.26% | Baa2 | 0.23% |
| Foot Locker | FL | BB+ | 0.52% | Ba1 | 0.41% |
| Fresenius Medical Care AG | FME | BBB- | 0.37% | Baa3 | 0.31% |
| Fresh & Easy (Tesco plc) | TSCO | BBB- | 0.37% | Baa3 | 0.31% |
| Gamestop Corp | GME | – | – | RW | – |
| General Electric | GE | BBB+ | 0.20% | Baa1 | 0.18% |
| General Electric Capital Corp | GEH | – | – | Baa1 | 18% |
| General Services Administration (GSA) | GEH | – | – | RW | – |
| Genesco GCO | – | – | – | RW | – |
| Genuine Parts Company | GPC | BBB | 0.26% | – | – |
| Giant Eagle | – | – | – | – | – |
| GlaxoSmithKline PLC | GSK | -/td> | – | A2 | 0.11% |
| Goodyear Tire & Rubber Company | GT | BB- | 1.22% | B1 | 1.32% |
| Grocery Outlet Inc | – | – | – | – | – |
| Guitar Center | GTRC | B- | 5.38% | B3 | 4.17% |
| H & R Block (Block Financial) | HRB | BBB | 0.26% | Baa3 | 0.31% |
| Harbor Freight Tools Inc | – | BB- | 1.22% | B1 | 1.32% |
| Harris Teeter (Subsidiary of Kroger) | KR | BBB | 0.26% | Baa1 | 0.18% |
| Hibbett Sports | HIBB | – | – | – | – |
| Hilton Worldwide | HLT | BB+ | 0.52% | RW | – |
| Home Depot | HD | A | 0.12% | A2 | 0.11% |
| Hot Topic | HOTT | B | 3.34% | RW | – |
| HSBC Bank | HBC | A+ | 0.08% | Aa3 | 0.06% |
| Indiana Gas Co Inc | VVC | BBB+ | 0.20% | A3 | 0.14% |
| Ingles Markets Inc | IMKTA | BB | 0.52% | Ba1 | 0.41% |
| Intercontinental Hotels | IHG | BBB | 0.26% | RW | – |
| J.P. Morgan Chase & Co. | JPM | – | – | A1 | 0.08% |
| Jack in The Box | JACK | – | – | RW | – |
| Jo-Ann Stores, Inc. | JAS | CCC+ | 8.86% | Caa2 | 17.00% |
| Key Bank N.A. | KEY | A- | 0.15% | A3 | 0.14% |
| Kohl’s Corp. | KSS | BB | 0.73% | Ba2 | 0.54% |
| Koninklijke KPN N.V. | KPN | A- | 0.15% | Baa3 | 0.31% |
| Kroger | KR | BBB | 0.26% | Baa1 | 0.18% |
| Landry’s Inc | LNY | – | – | RW | – |
| L Brands Inc. | LB | BB | 0.73% | Ba2 | 0.54% |
| Learning Care Group | – | B- | 5.38% | B3 | 0.85% |
| Leslie’s Poolmart | – | BB- | 1.22% | Ba3 | 0.85% |
| Life Time, Inc. | LTM | B | 3.34% | B3 | 4.17% |
| Lloyds Bank PLC | LLQC | A+ | 0.08% | Aa3 | 0.06% |
| Lowe’s | LOW | BBB+ | 0.20% | Baa1 | 0.18% |
| M & T Bancorp | MTB | BBB+/td> | 0.26% | A3 | 0.14% |
| Macy’s Inc. | M | BB+ | 0.52% | Baa2 | 0.41% |
| Marathon Petroleum | MPC | BBB | 0.26% | Baa2 | 0.23% |
| Marriott Int’l Inc | MAR | BBB | 0.26% | Baa2 | 0.23% |
| Mattress Firm Holding Corp | MFRM | – | – | RW | – |
| McCormick & Schmick’s (Landry’s Holdings) | LNY | – | – | RW | – |
| McCormick & Co | MKC | BBB | 0.26% | Baa2 | 0.23% |
| McDonalds Corp. | MCD | BBB+ | 0.20% | Baa1 | 0.18% |
| Men’s Wearhouse | TLRD | B | 3.34% | B1 | 1.32% |
| MetroPCS Wireless (T-Mobile) | TMUS | BBB | 0.26% | Baa2 | 0.23% |
| Michaels Stores Inc | MIK | – | – | RW | – |
| Microsoft | MSFT | AAA | 0.02% | Aaa | 0.02% |
| Motorola Solutions Inc. | MSI | BBB- | 0.37% | Baa3 | 0.31% |
| National City Bank | NCC | – | – | B2 | 2.06% |
| Nike | NKE | AA- | 0.06% | A1 | 0.08% |
| Nordstrom | JWN | BB+ | 0.52% | Ba1 | 0.41% |
| Northern Trust | NTRS | AA- | 0.06% | A2 | 0.11% |
| Nokia | NOK | BBB- | 0.37% | Ba1 | 0.41% |
| Olive Garden (Darden) | DRI | BBB | 0.26% | Baa2 | 0.23% |
| O’Reilly Automotive Inc. | ORLY | BBB | 0.26% | Baa1 | 0.18% |
| Outfront Media | OUT | B+ | 2.01% | B1 | 1.32% |
| OSI Restaurant Partners | – | BB- | 1.22% | RW | – |
| Owens Corning | OC | BBB | 0.26% | Ba2 | 0.54% |
| Party City | – | – | – | RW | – |
| Papa John’s International Inc | PZZA | BB- | 1.22% | Ba3 | 0.85% |
| PepsiCo | PEP | A+ | 0.08% | RW | – |
| PerkinElmer Inc | PKI | – | – | Baa3 | 0.31% |
| Petsmart Inc. | PETM | B+ | 2.01% | B1 | 1.32% |
| Phillips 66 | PSX | BBB+ | 0.20% | A3 | 0.14% |
| PNC Bank N.A. | PNC | A | 0.12% | A2 | 0.11% |
| Polo Ralph Lauren Corp | RL | A- | 0.15% | A3 | 0.14% |
| QVC | QVCA | CCC+ | 8.68% | B2 | 2.06% |
| Ralph Lauren Corp | RL | A- | 0.15% | A3 | -0.14% |
| Raytheon Company | RTN | A- | 0.15% | Baa1 | 0.18% |
| Red Robin Gourmet Burgers | RRGB | – | – | – | – |
| Regal Entertainment Group | RGC | D | 20.00% | RW | – |
| Regions Bank | RF | A- | 0.15% | A3 | 0.14% |
| Rent A Center | RCII | BB- | 1.22% | Ba2 | 0.54% |
| Restaurant Brands Intl | QSR | BB | 0.73% | – | – |
| Rite Aid Corp | RAD | CCC+ | 8.68% | Caa2 | 17.00% |
| Ross Stores | ROST | BBB+ | 0.20% | A2 | 0.11% |
| Royal Bank of Canada | RY | AA- | 0.06% | AA1 | 0.03% |
| Royal Bank of Scotland | RBS | A | 0.12% | A1 | 0.08% |
| Royal Dutch Shell Oil | RDSA | A+ | 0.08% | Aa2 | 0.04% |
| Safeway (now owned by AB Acquisition LLC) | SWY | BB | 0.73% | Ba3 | 0.85% |
| Sally Beauty Holdings | SBH | BB- | 1.22% | Ba1 | 0.41% |
| Santander Bank, N.A. | SAN | A- | 0.15% | A2 | 0.11% |
| Shell USA Inc. | SHOI | A+ | 0.08% | Aa3 | 0.06% |
| Sherwin-Williams | SHW | BBB | 0.26% | Baa2 | 0.23% |
| Signet Jewelers Ltd | SIG | BB- | 1.22% | – | – |
| Sony Corp | SNE | A | 0.12% | A3 | 0.14% |
| Sprint Corp | S | BBB | 0.26% | Baa2 | 0.23% |
| Staples | SPLS | B | 3.34% | B3 | 4.17% |
| Starbucks | SBUX | BBB+ | 0.20% | Baa1 | 0.18% |
| Starwood Hotels & Resorts (now part of Marriott Intl) | MAR | BBB- | 0.26% | Baa2 | 0.23% |
| State Street Corporation | STT | A | 0.12% | A1 | 0.08% |
| Sumitomo Corporation | SSUMF | A- | 0.15% | Baa1 | 0.18% |
| SunTrust Banks Inc. | STI | – | – | A3 | 0.14% |
| SVB Financial | SIVB | – | – | RW | – |
| Sysco Corp | SYY | BBB | 0.26% | Baa1 | 0.18% |
| Taco Bell (Yum! Brands) | YUM | BB+ | 0.52% | Ba2 | 0.54% |
| Takeda Pharmaceutical Co. Ltd. | TKPHF | BBB+ | 0.20% | Baa2 | 0.23% |
| Talbots (The) | TLB | – | – | RW | – |
| Target | TGT | A | 0.12% | A2 | 0.11% |
| TCF Financial/National Bank | TCF | BBB+ | 0.20% | Baa1 | 0.18% |
| TD Bank N.A. (Toronto-Dominion Bank) | TD | AA- | 0.06% | Aa2 | 0.04% |
| Tesco, plc | TSCDY | BBB- | 0.37% | Baa3 | 0.31% |
| Tesoro Logistics (Andeavor) | ANDV | BBB | 0.26% | RW | – |
| The Gap, Inc. | GPS | BB- | 1.22% | Ba3 | 0.85% |
| Tiffany & Co. | TIF | – | – | A1 | 0.08% |
| Time Warner Cable | TWX | – | – | Ba1 | 0.41% |
| TJ. Maxx/Marshalls/Home Goods (TJX Cos Inc) | TJX | A | 0.12% | A2 | 0.11% |
| T-Mobile USA (Deutsche Telekom) | TMUS | BB | 0.73% | Baa2 | 0.23% |
| Tractor Supply Company | TSCO | BBB | 0.26% | Baa1 | 0.18% |
| United Parcel Service | UPS | A | 0.12% | A2 | 0.11% |
| US Bancorp | USB | A | 0.12% | A3 | 0.14% |
| Valero Energy Corp | VLO | BBB | 0.26% | Baa2 | 0.23% |
| Valspar Corporation (acquired by Sherwin-Wiliams) | SHW | BBB | 0.26% | Baa2 | 0.23% |
| VCA Antech Inc. | WOOF | – | – | RW | – |
| Verizon | VZ | BBB+ | 0.20% | Baa1 | 0.18% |
| Viacom Inc. | VIA | – | – | – | – |
| Walgreen Co | WAG | BBB | 0.26% | Baa3 | 0.31% |
| Walgreen Boots Alliance | WBA | BBB | 0.26% | Baa3 | 0.31% |
| Wal-Mart | WMT | AA | 0.04% | Aa2 | 0.04% |
| Walt Disney CO | DIS | AA- | 0.15% | A2 | 0.11% |
| Wegmans | – | BBB+ | 0.20% | – | – |
| Weight Watchers | WTW | B- | 5.38% | B3 | 4.17% |
| Wells Fargo | WFC | BBB+ | 0.20% | A1 | 0.08% |
| Wendy’s/Arby’s Group | WEN | B+ | 2.01% | B2 | 2.06% |
| Whole Foods | WFMI | AA- | 0.06% | A- | 0.14% |
| Wyndham Worldwide | WYM | BB+ | 0.52% | Ba1 | 0.41% |
| Yum! Brands | YUM | BB+ | 0.52% | Ba1 | 0.54% |
| Zales Corp (now owned by Signet Jewelers) | SIG | BB- | 1.22% | – | – |
| ZB – Zions Bancorporation N.A. | ZION | BBB+ | 0.20% | Baa1 | 0.18% |