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%