TENANT CREDIT RATINGS: NOV 2012 - Nick Miner, CCIM · lion dollars, HIG NNN creates value for...
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TENANT CREDIT RATINGS: NOV 2012HIG NNN
Eric P. Wohl
Senior Vice President
949.585.7673
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
Retail Tenant List, with Ticker Symbols and Credit Ratings
4th Quarter 2012
CREDIT TENANCY MOODY’S STANDARD & POOR
Highest Quality Aaa AAA
High Quality Aa AA
Upper Medium Grade A A
Medium Grade Baa BBB
Lower Medium Grade* Ba BB
Lower Grade B B
Poor Quality Caa CCC
Speculative Ca CC
No Interest Being Paid or BK Petition Filed C C
Note: The ratings from Aa to Ca by Moody’s may be modifi ed by the addition of a 1, 2 or 3 to
show the relative standing within the category. 1=High 3=Low
*Below Investment Grade
HIG NNN is a retail investment division of Hanley Investment Group Real Estate Advisors specializing in the sale and advisory of single-tenant retail net lease properties. With a track record exceeding one bil-lion dollars, HIG NNN creates value for clients by providing highly specialized investment services to build and preserve wealth. HIG NNN is committed to delivering unparalleled service and results by utiliz-ing property-specifi c marketing strategies and cutting-edge technology to insure the highest value is achieved. HIG NNN’s nationwide relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers are unparalleled in the industry, translating to maximum exposure and pric-ing for each property marketed and sold. With unmatched service and experience, HIG NNN is a market leader in the disposition and acquisition of single-tenant retail net leased investments across the country.
ABOUT
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
STOCK SYMBOL
MOODY’S BOND
RATING
S & P LONGTERM SUBSIDIARIES OR TENANT NOTES
GROCERY STORES NR = No Rating Available
Delhaize Group DZA Baa3 Stable BBB- Food Lion, Bottom Dollar, Hannaford Brothers, Kash n’ Karry
HEB Private NR A ***
Ingles IMKTA Ba3 Stable BB- Neg ***
Kroger Company KR Baa2 Stable BBB Stable Fred Meyer, Ralph’s, Smith’s Food & Drug, QFC, Food 4 less
Publix Super Markets, Inc. PUSH NR NR Crispers
Roundy’s Supermarkets Inc Private B2 Stable B+ Pick n Save, Copps, Metro Market, Rainbow, Mariano’s
Ruddick Corp. RDK NR NR Harris Teeter
Safeway, Inc. SWY Baa3 Stable BBB Stable Von’s, Dominick’s, Carr-Gotttein, Randall’s, Genuardi’s, Pavillion’s
Smart & Final Holding Corp Private B2 Positive B- Positive Smart Foodservice Cash & Carry, Sun Harvest, Henry’s
Spartan Stores SPTN NR NR D&W Fresh Markets, Family Fare Supermarkets, Glen’s Markets
SuperValu, Inc. SVU B1 Stable B Negative Albertson’s, Richfood, Cub Foods, Farm Fresh, Savon/Osco
Tesco, plc TSCO-LN Baa1 Stable A- Negative Fresh & Easy
Walmart Stores, Inc. WMT Aa2 Stable AA Stable Sam’s Clubs, Neighborhood Markets, Wal Mart SuperCenter
Weis Markets, Inc. WMK NR NR Superpetz
Whole Foods Market, Inc. WFMI NR BBB- Stable Nature’s Heartland, Food for Thought, Wild Oats
Winn Dixie WINN NR CCC Negative Winn & Lovett, Thrifty Maid
DRUG STORES
Rite Aid RAD Caa1 Stable B- Stable ***
Savon/Osco SVU B3 Stable B Negative Subsidiary of Albertsons
Walgreen Co. WAG Baa1 Negative BBB Negative ***
CVS Corporation CVS Baa2 Positive BBB+ Stable Arbor, Merged w/Caremark, Acquired Eckerds renaming to CVS
DEPARTMENT STORES / APPAREL RETAILERS
American Apparel APP NR NR ***
Brown Shoe Company BWS B2 Stable B Stable Famous Footwear, Naturalizer, Buster Brown
Burlington Northern Santa Fe BNI A2 Stable BBB+ StableCato’s CTR NR NR Cato’s, It’s Fashion
Charming Shops Inc CHRS NR B- Positive Lane Bryant, Fashion Bug, Catherine + Sizes, Petite Sophisticate
Chico’s CHS NR NR Soma Intimates
Collective Brands Inc PSS B1 RUR B Negative Payless Shoe Source, The Stride Rite Corp
NR = No Rating Available RATING UPGRADE RATING DOWNGRADE
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
STOCK SYMBOL
MOODY’S BOND
RATING
S & P LONGTERM SUBSIDIARIES OR TENANT NOTES
DEPARTMENT STORES / APPAREL RETAILERS (CONTINUED)
Dillard’s Inc DDS Ba3 Stable BB Stable ***
Dress Barn DBRN NR NR Maurice’s Brands
Gap, Inc. GPS Baa3 Stable BB+ Stable Banana Republic, Old Navy, Gap, Piperlime
Genesco GCO NR BB Stable Journeys, Journeys Kidz, Underground Station, Johnston & Murphy
Gottschalks GOT NR NR ***
J. Crew JCG B2 Stable B Negative ***
JC Penney JCP Ba3 Stable B+ Stable ***
Jo-Ann Stores, Inc. JAS B2 Negative B Stable ***
Jos.A.Bank JOSB NR NR ***
Kohl’s Corporation KSS Baa1 Stable BBB+ Stable ***
Kenneth Cole CKP NR NR ***
Limited Brands Inc LTD Ba1 Stable BB+ StableMacy’s, Inc. M Baa3 Stable BBB Stable Bloomingdales
Men’s Wearhouse, Inc. MW NR NR K & G Men’s Center
Nordstrom JWN Baa1 Stable A- Stable ***
Polo Ralph Lauren RL A3 Stable A- Stable ***
Retail Ventures Inc RVI NR NR DSW Shoe Warehouse (Ticker DSW) Filene’s Basement, Value City
Saks Inc. SKS Ba3 Stable BB Stable ***
Sears Holdings SHLD B3 Negative CCC+ Negative Sears, K-mart, Orchard Supply Hardware
Shoe Carnival SCVL NR NR ***
Shoe Pavilion SHOE NR NR BK Filed
Talbot’s, Inc. TLB NR NR J. Jill
Target Corporation TGT A2 Stable A+ Stable Super Target, Target
The Bon Ton BONT Caa1 Negative B- Stable Bon-Ton, Bergner’s, Boston Store
Tuesday Morning TUES NR NR ***
Urban Out itters URBN NR NR ***
DISCOUNT RETAILERS
99 Cents Only Stores, Inc. NDN NR B Stable ***
Big Lots BIG NR BBB Negative ***
Costco Wholesale Corp. COST A1 Stable A+ Stable ***
Dollar General DG Ba1 Positive BBB- StableDollar Tree Stores, Inc. DLTR NR NR ***
Family Dollar Stores, Inc. FDO Baa3 Stable BBB- Stable ***
Fred’s Inc. FRED NR NR Fred’s Pharmacy
Ross Stores Inc. ROST NR BBB+ Positive Ross Dress for Less, DD’s Discounts
TJ Maxx Companies, Inc. TJX A3 Stable A Stable Marshall’s, Homegoods, Winners, A. J. Wright, Bob’s Stores
NR = No Rating AvailableRATING UPGRADE RATING DOWNGRADE
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
STOCK SYMBOL
MOODY’S BOND
RATING
S & P LONGTERM SUBSIDIARIES OR TENANT NOTES
OTHER RETAIL
Aaron Rents RNT NR NR Aaron’s Rents, Aaron’s Corporate Furnishings, Rimco
Advance Auto Parts AAP Baa3 Stable BBB- Stable Discount Auto Parts, Western Auto
Advance Micro Devices AMD Ba3 Positive BB- Stable Develop s computer processors
Alberto-Culver Co. ACV NR NR Beauty & personal care products; now a part of the Unilever Group
Amazon.Com Inc. AMZN NR NRAT&T T A2 Stable A- StableAutoZone, Inc. AZO Baa2 Positive BBB Stable Auto Palace, Truckpro, Chief Auto Parts
Bally Total Fitness BFTH NR NR *Ratings withdrawn 2-07
Bed Bath & Beyond, Inc. BBBY NR BBB+ Stable ***
Bellsouth Corp BLS A2 Stable NR Subsidiary of AT&T Inc.
Best Buy Company, Inc. BBY Baa2 Stable BB+ Negative Geek Squad, Magnolia Audio Video, Paci ic Sales
Big 5 Sporting Goods BGFV NR NR
BJ’s Wholesale Club BJ B2 Negative NR ***
Blockbuster Entertainment BBI NR BK Blockbuster Video, Blockbuster.com
Borders Group, Inc. BGP NR NR ***
Bridgestone Corp BRDCY A3 Stable BBB+ StableCinemark CNK B1 Stable BB- Stable Century Theaters, CineArts Tinseltown
Citi Trends CTRN NR NR Citi Trends Fashion For Less
Cost Plus CPWM NR NR Cost Plus World Markets
CSK Corp CAO NR NR Checker Auto, Kragens, Schuck’s Auto
Dick’s Sporting Goods DKS NR NR ***
Federal Express FDX Baa1 Stable BBB Stable Fed Ex/Kinko’s, renamed Fed Ex Of ice
Furniture Brands Int. FBN NR NR Broyhill, Lane, Thomasville, Drexel Heritage, Henredon
Game Stop GME NR NR ***
Genuine Parts Company GPC NR NR Napa Auto Parts, Motion Industries, S.P. Richards
Goodyear Tire & Rubber Co GT Ba3 Stable BB- StableH&R Block HRB NR BBB Negative ***
Home Depot, Inc. HD A3 Stable A- Stable ***
L.A. Fitness LFS NR NR ***
Lowe’s Companies, Inc. LOW A3 Stable A- Negative Eagle Hardware
MetroPCS Wireless N/A NR NR ***
Nike NKE A1 Stable A+ Stable ***
Of ice Depot, Inc. ODP B2 Stable B- Stable Viking Of ice Products
Of ice Max OMX B1 Stable B- Stable Copy Max
Petsmart PETM NR BB+ Stable Moody’s Ratings Withdrawn on 11-07
NR = No Rating Available RATING UPGRADE RATING DOWNGRADE
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
STOCK SYMBOL
MOODY’S BOND
RATING
S & P LONGTERM SUBSIDIARIES OR TENANT NOTES
OTHER RETAIL (CONTINUED)
Pier 1 Imports PIR NR NR Moody’s Ratings Withdrawn on 8-07
Radio Shack RSH Ba2 Negative B- Negative ***
Regal Entertainment Group RGC B1 Stable B+ Stable Regal Cinema’s, United Artists Theaters, Edwards Theaters
Rent A Center Inc. RCII Ba2 Positive BB Stable ***
Seven - 11 SE Baa1 Stable NR Indirect subsidiary of Seven & I Holdings, Japan
Sherwin-Williams Company SHW A3 Stable A Stable ***
Shell Oil Co RDS Aa1 Stable AA StableSkechers SKX NR NR ***
Sonic Automotive Inc. SAH B1 Positive BB- StableSports Chalet SPCHA NR NR ***
Sprint - Nextel Corp S B1 Stable B+ Negative Embarq - spin off of local carriers. Ticker EQ, BBB- Stable rating
Staples, Inc. SPLS Baa2 Stable BBB Stable Quill Corp
Toys R Us TOY B1 Negative B Stable ***
Tractor Supply Company TSCO NR NR ***
Verizon Communications VZ A3 Stable A- Stable ***
BANKS/FINANCIAL INSTITUTIONS
Bank of New York Mellon BK Aa1 Stable AA- Negative ***
BB & T BBT A2 Stable A- Stable ***
Barclays Bank PLC BCS A2 Negative A+ StableBank of America BAC Baa2 Negative A- Negative ***
Branch Banking & Trust Co. BBT A2 Stable A- StableCapital One COF Baa1 Stable BBB Negative ***
Citibank NA C A3 Negative A NegativeCitigroup C Baa2 Negative A- Negative ***
City National Bank CYN A1 Negative BBB+ StableCommerce Bank NA Aa2 RUR A StableCompass Bank CBSS Baa2 RUR BBB Negative ***
Fifth Third Bancorp FITB Baa1 Stable BBB PositiveHSBC HBC A1 Stable A+ Stable ***
Lloyds TSB Bank PLC LLOY A2 Negative A StableJP Morgan Chase Bank NA JPM Aa3 Stable NRJP Morgan Chase JPM A2 Negative A Negative ***
M & T Bancorp MTB A3 RUR A- Stable ***
NR = No Rating AvailableRATING UPGRADE RATING DOWNGRADE
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
STOCK SYMBOL
MOODY’S BOND
RATING
S & P LONGTERM SUBSIDIARIES OR TENANT NOTES
BANKS/FINANCIAL INSTITUTIONS (CONTINUED)
National City Bank, OH NCC NR NR ***
PNC Bank NA PNC A2 Positive A- StableRBC Bank USA RY A2 NRSovereign Bank SOL A3 Negative BBB+ StableSuntrust STI A3 Stable BBB Stable ***
TD Bank NA Aa2 Negative AA- StableUnion Bank N.A. UBSH A2 Stable A+ Stable ***
US Bancorp USB Aa2 RUR A+ Stable *** Parent Company is U.S. Bancorp
Wachovia Bank NA WB Aa3 Stable NRWells Fargo Bank WFC Aa3 Stable A+ Negative ***
Zions Frist Nat’l Bank ZION Ba3 RUR BBB- Negative ***
RESTAURANTS (CORPORATE BACKED)
BJ’s Restaurants, Inc. BJRI NR NR ***
Dairy Queen DQ NR NR Wholly owned subsidiary of Berkshire-Hathaway
Bob Evans Farms, Inc. BOBE NR NR MIMI’S Café, Bob Evans Farms
Boddie Noell Enterprises, Inc BNE NR NR Hardee’s Franchisee, Café Carolina & Bakery, Texas Steakhouse & Saloon
Brinker International EAT Ba1 Stable BBB- Stable Chili’s, Macaroni Grill, On the Border Café, Cozymels, Corner Bakery
Buffalo Wild Wings, Inc. BWLD NR NR ***
Burger King Corp BKC Ba2 Negative NR ***
California Pizza Kitchen CPKI B3 Stable B Stable ***
Carrol’s Restaurant Group TAST NR NR Taco Cabana, Carrow’s, Pollo Tropical and Burger King Franchisee
CBRL Group, Inc. CBRL NR NR Cracker Barrel
CEC Entertainment, Inc. CEC NR NR Chuck E. Cheese’s Pizza
The Cheesecake Factory CAKE NR NR ***
CKE Restaurants CKR NR B- Stable Carls Jr. - Green Burrito, Hardee’s - Red Burrito, La Salsa
Darden Restaurants, Inc. DRI Baa2 Stable BBB Stable Red Lobster, Olive Garden, Bahama Breeze, Longhorn Steakhouse
DineEquity, Inc DIN B2 Stable B Stable Applebee’s, International House of Pancakes
Denny’s Corp DENN NR NR ***
Domino’s Pizza DPZ NR NR ***
Einstein Noah Restaurant Gp BAGL NR NR Noah’s Bagels, Manhattan Bagel, New World Coffee
El Pollo Loco Private Caa1 Stable B- StableFrisch’s Restaurants FRS NR NR Big Boy, Golden Corral
Jack In The Box, Inc. JBX NR NR JBX Grill, Qdoba Mexican Grill, Quick Stuff
Landry’s Restaurants LNY B2 Stable B Stable Cadillac Bar, Chart House, Fisherman’s Wharf, The Crab House
NR = No Rating AvailableRATING UPGRADE RATING DOWNGRADE
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
STOCK SYMBOL
MOODY’S BOND
RATING
S & P LONGTERM SUBSIDIARIES OR TENANT NOTES
RESTAURANTS (CORPORATE BACKED CONTINUED)
McDonald’s Corporation MCD A2 Stable A Stable ***
Morton’s Restaurant Group MRT NR NR ***
O’Charley’s CHUX NR NR ***
OSI Restaurant Partners OSI Caa1 Stable B+ Positive Outback Steakhouse, BoneFish Grill, Flemmings, Carrabba’s, etc.
Panera Bread Company PNRA NR NR St. Louis Bread
Papa John’s International Inc PZZA NR NR Papa John’s Pizza
Perkins & Marie Calendar’s PMCI NR NR Perkins, Marie Calendar’s
P. F. Chang’s China Bistro PFCB NR NR Pei Wei, Taneko Japanese Tavern
Rare Hospitality International RARE NR NR Longhorn Steakhouse, Capital Grille
Red Robin Gourmet Burgers RRGB NR NR ***
Rubio’s Restaurants RUBO NR NR Rubio’s
Ruby Tuesday, Inc. RT NR NR Ruby Tuesday’s
Sonic Corporation SONC NR NR Sonic Burger
Starbucks Corporation SBUX Baa3 Positive A- Stable Starbucks Hear Music
Texas Roadhouse, Inc TXRH NR NR ***
Wendy’s/Arby’s Group WEN B2 Positive B+ Stable New Wendy’s / Triarc-Arby’s Merger
Yum! Brands, Inc. YUM Baa3 Stable BBB Stable Pizza Hut, Taco Bell, KFC, Long John Silvers, A&W
NON-RETAIL TENANTS
Allstate Corp. ALL A3 Negative A- NegChevron Corp CHTEX Aa1 Stable AA StableChoice Hotels Int’l. Inc. CHH Baa3 Negative BB+ Stable Chain of hotels, i.e, Clarion, Comfort Inn, Extended Stay, et al
Conoco Phillips Co COP A1 Stable A StableCox Communications Inc COX Baa2 Stable BBB StableCox Enterprises Inc COXEP Baa2 Stable BBB StableExxon Mobil Corp XOM Aaa Stable AAA StableGeneral Electric Co GE Aa3 Stable AA+ StableGeneral Electric Capital Corp GEJ A1 Stable AA+ StableGlaxosmithkline PLC GSK A1 Stable A+ StableIndiana Gas Co Inc INNG A3 Stable A- StableMarriott Int’l Inc MAR Baa2 Stable BBB StableMichael Stores Inc MIK B2 Positive B PositiveMotorola Solutions Inc MOT Baa2 Stable BBB StableNew Cingular Wireless Serv. AWE NR NRNokia NOK NR BB+ NegativeNR = No Rating Available RATING UPGRADE RATING DOWNGRADE
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
STOCK SYMBOL
MOODY’S BOND
RATING
S & P LONGTERM SUBSIDIARIES OR TENANT NOTES
NON-RETAIL TENANTS (CONTINUED)
Perkin Elmer PKI Baa3 Negative BBB Stable Acquired by EG & G Inc. - March 2011Starwood Hotels & Resorts HOT Baa3 Stable BBB PositiveState Farm Life Insurance Co no public trade Aa1 Stable AA StableSysco Corp SYY A1 Stable A+ NegTakeda Pharmaceutical Co. Ltd TSE Aa3 Stable AA- StableTime Warner Inc. TWX Baa2 Stable BBB StableValero Energy Corp VLO Baa2 Stable BBB StableViacom Inc VIA Baa1 Stable BBB+ StableNR = No Rating Available
This data is for general information purposes only. Eric P. Wohl and/or Hanley Investment Group/HIG NNN can not be held responsible for the accuracy of this information. All parties should verify details and ratings independently.
RATING UPGRADE RATING DOWNGRADE
HIG NNN | Eric P. Wohl 949.585.7673 [email protected] DRE License #01348614
Eric P. WohlSenior Vice President
Hanley Investment Group
8001 Irvine Center Drive | Suite 100
Irvine | CA 92618
phone 949.585.7673
www.hanleyinvestment.com
CONTACT
