TENANT CREDIT RATINGS: NOV 2012 - Nick Miner, CCIM · lion dollars, HIG NNN creates value for...

TENANT CREDIT RATINGS: NOV 2012HIG NNN

Eric P. Wohl

Senior Vice President

949.585.7673

[email protected]

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


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


STOCK SYMBOL

MOODY’S BOND

RATING


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


STOCK SYMBOL

MOODY’S BOND

RATING


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


STOCK SYMBOL

MOODY’S BOND

RATING


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 ***



STOCK SYMBOL

MOODY’S BOND

RATING


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



STOCK SYMBOL

MOODY’S BOND

RATING


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


STOCK SYMBOL

MOODY’S BOND

RATING


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


Eric P. WohlSenior Vice President

Hanley Investment Group

8001 Irvine Center Drive | Suite 100

Irvine | CA 92618

phone 949.585.7673

[email protected]

www.hanleyinvestment.com

CONTACT

TENANT CREDIT RATINGS: NOV 2012 - Nick Miner, CCIM · lion dollars, HIG NNN creates value for...

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