Commercial Tenant Credit Rankings

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TenantHolding CompanySectorStock TickerStandard & Poor'sCum. Historic Default RatesMoody'sCum. Historic Default Rates
24 Hour Fitness Worldwide, Inc.
Forstmann Little & Co.		 Gym Private B 53.72% B3 43.34%
Seven & i Holdings Co., Ltd. Convenience 3382 AA- 1.50% Baa3 4.64%
The Great Atlantic & Pacific Tea Company, Inc. Grocery Private NR - NR -
Yum! Brands, Inc. Restaurants YUM BBB- 10.29% Baa3 4.64%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
Advance Auto Automotive AAP BBB- 10.29% Baa3 4.64%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
ALDI Group Grocery Private NR - NR -
Apple Inc. Technology AAPL NR - NR -
DineEquity, Inc. Restaurants DIN B 53.72% B2 43.34%
Roark Capital Group Restaurants Private NR - NR -
BP p.l.c. Gas BP A 2.91% A2 1.29%
AT&T Technology T A 2.91% A2 1.29%
AutoNation, Inc. Automotive KMX BB+ 29.93% Ba1 19.12%
AutoZone, Inc. Automotive AZO BBB 10.29% Baa2 4.64%
Toys "R" Us, Inc. Juvenile Products Private NR - NR -
Darden Restaurants, Inc. Restaurants DRI BBB 10.29% Baa3 4.64%
Bank of America Corp. Financial Services BAC A 2.91% A2 1.29%
Barnes & Noble, Inc. Books BKS NR - NR 9.00%
BB&T Corp. Financial Services BBT A 2.91% A1 1.29%
Bed Bath & Beyond Inc. Home Furnishings BBBY BBB 10.29% NR -
Best Buy Co., Inc. Technology BBY BBB- 10.29% Baa2 4.64%
Big 5 Sporting Goods Corp. Sporting Goods BGFV NR - NR -
Big Lots Inc. Discount BIG BBB- 10.29% NR -
BJ's Restaurants, Inc. Restaurants BJRI NR - NR -
BJ's Wholesale Club, Inc. Membership Warehouses BJ NR - NR -
Delhaize Group S.A. Grocery DEG BBB- 10.29% Baa3 4.64%
Bob Evans Farms, Inc. Restaurants BOBE NR - NR -
Falfurrias Capital Partners Restaurants Private NR - NR -
OSI Restaurant Partners, LLC Restaurants Private B- 53.72% Caa1 69.18%
The Bon-Ton Stores, Inc. Department BONT B 53.72% B3 43.34%
Books-A-Million, Inc. Books BAMM NR - NR -
Sun Capital Partners Restaurants Private NR - NR -
Delhaize Group S.A. Grocery DEG BBB- 10.29% Baa3 4.64%
BP p.l.c. Gas BP A 2.91% A2 1.29%
Bridgestone Corp. Automotive 5108 BBB+ 10.29% A3 1.29%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
Buffalo Wild Wings, Inc. Restaurants BWLD NR - NR -
Burger King Holdings, Inc. Restaurants BKC BB- 29.93% Ba2 19.12%
California Pizza Kitchen, Inc. Restaurants CPKI NR - NR -
Darden Restaurants, Inc. Restaurants DRI BBB 10.29% Baa3 4.64%
Capital One Financial Corp. Financial Services COF BBB 10.29% Baa1 4.64%
Apollo Global Management, LP Restaurants Private NR - NR -
Carmax, Inc. Automotive KMX NR - NR -
OSI Restaurant Partners, LLC Restaurants Private B- 53.72% Caa1 69.18%
Casual Male Retail Group, Inc. Apparel CMRG NR - NR -
Landry's Restaurants, Inc. Restaurants Private B 53.72% B2 43.34%
JPMorgan Chase & Co. Financial Services JPM A+ 2.91% Aa3 0.52%
The Cheesecake Factory Inc. Restaurants CAKE NR - NR -
Chevron Corp. Gas CVX AA 1.50% Aa1 0.52%
Chick-fil-A, Inc. Restaurants Private NR - NR -
Children's Place Retail Stores, Inc. Apparel PLCE NR - NR -
Brinker International, Inc. Restaurants EAT BBB- 10.29% Ba1 19.12%
Chipotle Mexican Grill, Inc. Restaurants CMG NR - NR -
AFC Enterprises, Inc. Restaurants AFCE B+ 53.72% B1 43.34%
Alimentation Couche-Tard Inc. Convenience ANCUF BB+ 29.93% Ba1 19.12%
Citigroup Inc. Financial Services C A 2.91% A1 0.080%
Citizens Republic Bancorp, Inc. Financial Services CRBC NR - NR -
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
ConocoPhillips Gas COP A 2.91% A1 1.29%
Cost Plus Inc. Home Furnishings CPWM NR - NR -
Costco Wholesale Corp. Discount COST A+ 2.91% A2 1.29%
Buffets, Inc. Restaurants Private B- 53.72% Caa1 69.18%
Cracker Barrel Old Country Store, Inc. Restaurants CBRL BB- 29.93% Ba3 19.12%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
CVS Caremark Corp. Drug CVS BBB+ 10.29% Baa2 4.64%
G&R Acquisition Inc. Restaurants Private NR - NR -
DaVita Inc. Healthcare DVA BB- 29.93% Ba3 19.12%
Ross Stores, Inc. Apparel ROST BBB 10.29% N/A -
Denny's Corp. Restaurants DENN B+ 53.72% Ba2 19.12%
Dillard's, Inc. Department DDS B+ 53.72% B2 43.34%
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
Dollar General Corp. Discount DG BB 29.93% B1 43.34%
Dollar Tree, Inc. Discount DLTR NR - NR -
The Dress Barn, Inc. Apparel DBRN NR - NR -
DSW Inc. Apparel DSW NR - NR -
Dunkin' Brands, Inc. Restaurants Private NR - NR -
Einstein Noah Restaurant Group, Inc. Restaurants BAGL NR - NR -
Exxon Mobil Corp. Gas XOM AAA 0.60% Aaa 0.52%
EZ Lube, Inc. Automotive Private NR - NR -
Family Dollar Stores, Inc. Discount FDO NR - NR -
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
Citizens Republic Bancorp, Inc. Financial Services CRBC NR - NR -
FedEx Corp. Business Services FDX BBB 10.29% Baa2 4.64%
Fifth Third Bancorp Financial Services FITB BBB 10.29% Baa1 4.64%
OSI Restaurant Partners, LLC Restaurants Private B- 53.72% Caa1 69.18%
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
Delhaize Group S.A. Grocery DEG BBB- 10.29% Baa3 4.64%
Foot Locker, Inc. Apparel FL B+ 53.72% Ba3 19.12%
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
Fred's, Inc. Discount FRED NR - NR -
Fresenius Medical Care AG & Co. Healthcare FMS BB 29.93% Ba1 19.12%
Tesco Corp. (USA) Grocery TESO A- 2.91% A3 1.29%
Frisch's Restaurants, Inc. Restaurants FRS NR - NR -
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
Luby's Inc. Restaurants LUB NR - NR -
GameStop Corp. Technology GME BB+ 29.93% Ba1 19.12%
Koninklijke Ahold N.V. Grocery AMS BBB 10.29% Baa2 4.64%
Frisch's Restaurants, Inc. Restaurants FRS NR - NR -
The Goodyear Tire & Rubber Co. Automotive GT BB- 29.93% Ba3 19.12%
Delhaize Group S.A. Grocery DEG BBB- 10.29% Baa3 4.64%
Apollo Global Management, LP Restaurants Private NR - NR -
Bed Bath & Beyond Inc. Cosmetics BBBY BBB 10.29% NR -
Delhaize Group S.A. Grocery DEG BBB- 10.29% Baa3 4.64%
Apollo Global Management, LP Grocery Private NR - NR -
hhgregg Technology HGG B+ 53.72% Ba3 19.12%
Hibbett Sports, Inc. Sporting Goods HIBB NR - NR -
The Home Depot, Inc. Home & Garden HD BBB+ 10.29% Baa1 4.64%
The TJX Companies, Inc. Home Furnishings TJX A 2.91% A3 1.29%
Buffets, Inc. Restaurants Private B- 53.72% Caa1 69.18%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
Hoss's Steak and Sea House, Inc. Restaurants Private NR - NR -
DineEquity, Inc. Restaurants DIN B 53.72% B2 43.34%
J.C. Penney Company, Inc. Department JCP BB+ 29.93% Ba1 19.12%
Jack in the Box, Inc. Restaurants JACK BB- 29.93% Ba3 19.12%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
Jiffy Lube International, Inc. Automotive Private NR - NR -
Landry's Restaurants, Inc. Restaurants Private        
The Johnny Rockets Group, Inc. Restaurants Private NR - NR -
Jos. A. Bank Clothiers, Inc. Apparel JOSB NR - NR -
Kenneth Cole Productions, Inc. Apparel KCP NR - NR -
Yum! Brands, Inc. Restaurants YUM BBB- 10.29% Baa3 4.64%
KeyCorp Financial Services KEY BBB+ 10.29% Baa1 4.64%
Knowledge Learning Corp. Child Care Private NR - NR -
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
Sears Holdings Corp. Discount SHLD BB- 29.93% Ba2 19.12%
Knowledge Learning Corp. Child Care Private NR - NR -
Kohl's Corp. Home & Garden KSS BBB+ 10.29% Baa1 4.64%
Luby's Inc. Restaurants LUB NR - NR -
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
Apollo Global Management, LP Restaurants Private NR - NR -
Landry's Restaurants, Inc. Restaurants Private B 53.72% B2 43.34%
Luxottica Group S.p.A. Eyeglasses LUX NR - NR -
Liz Claiborne, Inc. Apparel LIZ B- 53.72% B3 43.34%
Lone Star Funds Restaurants Private NR - NR -
Yum! Brands, Inc. Restaurants YUM BBB- 10.29% Baa3 4.64%
Darden Restaurants, Inc. Restaurants DRI BBB 10.29% Baa3 4.64%
Lowe's Companies, Inc. Home & Garden LOW A+ 2.91% A 1.29%
Luby's Inc. Restaurants LUB NR - NR -
Alimentation Couche-Tard Inc. Convenience ANCUF BB+ 29.93% Ba1 19.12%
Macy's Inc. Department M BB+ 29.93% B2 2.064%
Brinker International, Inc. Restaurants EAT BBB- 10.29% Ba1 19.12%
Einstein Noah Restaurant Group, Inc. Restaurants BAGL NR - NR -
The TJX Companies, Inc. Discount TJX A 2.91% A3 1.29%
Koninklijke Ahold N.V. Grocery AMS BBB 10.29% Baa2 4.64%
American Blue Ribbon Holdings, LLC Restaurants Private NR - NR -
McCormick & Schmick's Seafood Restaurants, Inc. Restaurants MSSR NR - NR -
McDonalds Corp. Restaurants MCD A 2.91% A3 1.29%
The Men's Wearhouse, Inc. Apparel MW NR - NR -
Bob Evans Farms, Inc. Restaurants BOBE NR - NR -
Exxon Mobil Corp. Gas XOM AAA 0.60% Aaa 0.52%
Morton's Restaurant Group, Inc. Restaurants MRT NR - NR -
Genuine Parts Co. Automotive GPC NR - NR  
New York & Company, Inc. Apparel NWY NR - NR -
Einstein Noah Restaurant Group, Inc. Restaurants BAGL NR - NR -
Nordstrom, Inc. Department JWN BBB+ 10.29% Baa2 4.64%
Nordstrom, Inc. Department JWN BBB+ 10.29% Baa2 4.64%
Office Depot, Inc. Office Supply ODP B 53.72% B2 43.34%
OfficeMax Inc. Office Supply OMX B 53.72% B1 43.34%
Buffets, Inc. Restaurants Private B- 53.72% Caa1 69.18%
Darden Restaurants, Inc. Restaurants DRI BBB 10.29% Baa3 4.64%
Golden Gate Capital Restaurants Private NR - NR -
O'Reilly Automotive, Inc. Automotive ORLY NR - NR -
OSI Restaurant Partners, LLC Restaurants Private B- 53.72% Caa1 69.18%
Owens Corning Home & Garden OC BBB- 10.29% Ba1 19.12%
P.F. Chang's China Bistro, Inc. Restaurants PFCB NR - NR -
Panda Restaurant Group, Inc. Restaurants Private NR - NR -
Panera Bread Co. Restaurants PNRA NR - NR -
Panera Bread Co. Restaurants PNRA NR - NR -
Collective Brands Inc. Apparel PSS B+ 53.72% B1 43.34%
Luxottica Group S.p.A. Eyeglasses LUX NR - NR -
P.F. Chang's China Bistro, Inc. Restaurants PFCB NR - NR -
The Pep Boys-Manny, Moe & Jack Automotive PBY B- 53.72% B2 43.34%
PetSmart, Inc. Pet Supply PETM BB 29.93% NR -
Carlson Restaurants Worldwide, Inc. Restaurants Private NR - NR -
Pier 1 Imports, Inc. Home Furnishings PIR NR - NR -
Yum! Brands, Inc. Restaurants YUM BBB- 10.29% Baa3 4.64%
The PNC Financial Services Group, Inc. Financial Services PNC A+ 2.91% A1 1.29%
Carrols Restaurant Group, Inc. Restaurants TAST B 53.72% B2 43.34%
Polo Ralph Lauren Corp. Apparel RL BBB+ 10.29% Baa1 4.64%
AFC Enterprises, Inc. Restaurants AFCE B+ 53.72% B1 43.34%
Williams-Sonoma, Inc. Home Furnishings WSM NR - NR -
Publix Super Markets Inc. Grocery Private NR - NR -
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
RadioShack Corp. Technology RSH BB 29.93% Ba1 19.12%
Landry's Restaurants, Inc. Restaurants Private B 53.72% B2 43.34%
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
Royal Bank of Canada (USA) Financial Services RY AA- 1.50% A1 1.29%
Darden Restaurants, Inc. Restaurants DRI BBB 10.29% Baa3 4.64%
Red Robin Gourmet Burgers, Inc. Restaurants RRGB NR - NR -
Regal Entertainment Group Entertainment RGC B+ 53.72% B3 43.34%
Rite Aid Corp. Drug RAD B- 53.72% Caa2 69.18%
General Mills, Inc. Restaurants GIS BBB+ 10.29% Baa1 4.64%
Ross Stores, Inc. Apparel ROST BBB 10.29% N/A -
OSI Restaurant Partners, LLC Restaurants Private B- 53.72% Caa1 69.18%
Rubio's Restaurants, Inc. Restaurants Private NR - NR -
Ruth's Hospitality Group, Inc. Restaurants RUTH NR - NR -
Safeway Inc. Grocery SWY BBB 10.29% Baa2 4.64%
Saks Inc. Department SKS B+ 53.72% B2 43.34%
Saks Inc. Department SKS B+ 53.72% B2 43.34%
Wal-Mart Stores, Inc. Discount WMT AA 1.50% Aa2 0.52%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
Sears Holdings Corp. Department SHLD BB- 29.93% Ba2 19.12%
Darden Restaurants, Inc. Restaurants DRI BBB 10.29% Baa3 4.64%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
Royal Dutch Shell plc (ADR) Gas RDS.A AA 1.50% Aa2 0.52%
The Sherwin-Williams Co. Home & Garden SHW A- 2.91% A3 1.29%
Shoe Carnival, Inc. Apparel SCVL NR - NR -
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
SUPERVALU INC. Grocery SVU B+ 53.72% B1 43.34%
Biglari Holdings, Inc. Restaurants Private NR - NR -
Apollo Global Management, LP Grocery Private NR - NR -
The Kroger Co. Grocery KR BBB 10.29% Baa2 4.64%
Sonic Corp. Restaurants SONC NR - NR  
Sprint Nextel Corp. Technology S BB- 29.93% Ba2 19.12%
Sprouts Farmers Market, LLC Grocery Private NR - NR -
Staples, Inc. Office Supply SPLS BBB 10.29% Baa2 4.64%
Starbucks Corp. Restaurants SBUX BBB+ 10.29% Baa3 4.64%
Biglari Holdings, Inc. Restaurants BH NR - NR -
Stein Mart, Inc. Apparel SMRT NR - NR -
Koninklijke Ahold N.V. Grocery AMS BBB 10.29% Baa2 4.64%
Luxottica Group S.p.A. Eyeglasses LUX NR - NR -
Delhaize Group S.A. Grocery DEG BBB- 10.29% Baa3 4.64%
Carlson Restaurants Worldwide, Inc. Restaurants Private NR - NR -
The TJX Companies, Inc. Discount TJX A 2.91% A3 1.29%
Yum! Brands, Inc. Restaurants YUM BBB- 10.29% Baa3 4.64%
Carrols Restaurant Group, Inc. Restaurants TAST B 53.72% B2 43.34%
The Talbots, Inc. Apparel TLB NR - NR -
Target Corp. Discount TGT A+ 2.91% A2 1.29%
Tiffany & Co. Jewelry TIF NR - NR -
Deutsche Telekom AG (ADR) Technology DTEGY BBB+ 10.29% Baa1 4.64%
Tractor Supply Co. Home & Garden TSCO NR - NR -
Trader Joe's Company Grocery Private NR - NR -
Urban Outfitters, Inc. Apparel URBN NR - NR -
US Bancorp Financial Services USB A+ 2.91% Aa3 0.52%
VCA Antech, Inc. Healthcare WOOF BB 29.93% Ba2 19.12%
Verizon Communications Inc. Technology VZ A 2.91% A3 1.29%
Vitamin Shoppe, Inc. Health Products VSI B+ 53.72% B2 43.34%
Walgreen Co. Drug WAG A 2.91% A2 1.29%
Wal-Mart Stores, Inc. Discount WMT AA 1.50% Aa2 0.52%
Weis Markets, Inc. Grocery WMK NR - NR -
Wells Fargo & Co. Financial Services WFC AA- 1.50% A1 1.29%
Wendy's Arby's Group Inc. Restaurants WEN B+ 53.72% B2 43.34%
Williams-Sonoma, Inc. Home Furnishings WSM NR - NR -
West Marine, Inc. Boating Supply WMAR NR - NR -
Biglari Holdings, Inc. Restaurants BH NR - NR -
Whole Foods Market, Inc. Grocery WFMI BB- 29.93% Ba3 19.12%
Williams-Sonoma, Inc. Home Furnishings WSM NR - NR -
Roark Capital Group Restaurants Private NR - NR -
Winn-Dixie Stores, Inc. Grocery WSM NR - NR -
Zale Corp. Jewelry ZLC NR - NR -

Notes

  • Click on the logo in the Tenant column to visit each tenant’s website, which is useful for familiarizing oneself with the brand and its related products and services, researching the latest company news and new store openings, and identifying existing store locations.
  • Click on the link in the Parent Company column to visit each tenant’s holding company website, which often includes information on the organizational structure, informative press releases, financial highlights, and 10-Ks and other financial disclosures required by the SEC (if the tenant is publicly traded).
  • For publicly-traded tenants, click on the link in the Stock Ticker column to visit each corporation’s Google Finance page, which features the latest business and enterprise headlines, including recent financial decisions and major news events. Historical and real-time stock information is available, as are Adobe Flash-based stock price charts which contain marks for major news events and corporate actions. The site also aggregates Google News and Google Blog Search articles about each corporation. For more on how to use Google Finance to track companies and analyze their financial performance, please visit the websites help section here.
  • Moody’s and Standard & Poor’s (“S&P”) are the two largest credit rating agencies that analyze the creditworthiness of corporations spanning every industry sector. The long-term ratings are opinions of the relative credit risk of each tenant’s financial obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings reflect both the likelihood of default and any financial loss suffered in the event of default. A breakdown of S&P’s rating system can be found here, and Moody’s can be found here.
  • The default probabilities measure degree of likelihood that each tenant will not be able to make the necessary scheduled repayments on their long-term debt within the next five years. Should the borrower be unable to pay, they are then said to be in default of the debt, at which point the lenders of the debt have legal avenues to attempt obtaining at least partial repayment. Generally speaking, the higher the default probability a lender estimates a borrower to have, the higher the interest rate the lender will charge the borrower (as compensation for bearing higher default risk).

Standard & Poor’s Long-Term Credit Ratings

RatingDescription
AAA Extremely strong capacity to meet financial commitments. Highest Rating.
AA Very strong capacity to meet financial commitments.
A Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances
BBB Adequate capacity to meet financial commitments, but more subject to adverse economic conditions.
BBB- Considered lowest investment grade by market participants.
BB+ Considered highest speculative grade by market participants.
BB Less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions.risk.
B More vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.
CCC Currently vulnerable and dependent on favorable business, financial and economic conditions to meet financial commitments.
CC Currently highly vulnerable.
C Currently highly vulnerable obligations and other defined circumstances.
D Payment default on financial commitments.

Moody’s Long-Term Credit Ratings

RatingDescription
Aaa Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk.
Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.
A Obligations rated A are considered upper-medium grade and are subject to low credit risk.
Baa Obligations rated Baa are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics.
Ba Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.
B Obligations rated B are considered speculative and are subject to high credit risk.
Caa Obligations rated Caa are judged to be of poor standing and are subject to very high credit
risk.
Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with
some prospect of recovery of principal and interest.
C Obligations rated C are the lowest rated class and are typically in default, with little prospect for recovery of principal or interest.