Tenant Credit Monitor
Track real-time credit ratings and outlooks for NNN tenants. Monitor rating changes, watch list status, and credit spreads.
| Tenant | S&P Rating | Moody's Rating | Outlook | Last Action | Spread (bps) | Watch Status |
|---|---|---|---|---|---|---|
| McDonald's | BBB+ | Baa1 | Stable | Affirmed Feb 2026 | 85bps | - |
| 7-Eleven | AA- | Aa3 | Stable | Affirmed Jan 2026 | 42bps | - |
| Dollar General | BBB | Baa2 | Stable | Affirmed Dec 2025 | 125bps | - |
| Walgreens | BBB | Baa2 | Negative | Downgrade Watch Nov 2025 | 195bps | ⚠️ Watch |
| CVS Health | BBB | Baa2 | Stable | Affirmed Jan 2026 | 140bps | - |
| Home Depot | A | A2 | Stable | Affirmed Feb 2026 | 55bps | - |
| Starbucks | BBB+ | Baa1 | Stable | Affirmed Jan 2026 | 78bps | - |
| Dollar Tree | BBB- | Baa3 | Negative | Downgrade Watch Dec 2025 | 210bps | ⚠️ Watch |
| FedEx | BBB | Baa2 | Positive | Upgraded Jan 2026 | 110bps | - |
| DaVita | BB+ | Ba1 | Stable | Affirmed Nov 2025 | 285bps | - |
| Fresenius Medical | BBB | Baa3 | Stable | Affirmed Dec 2025 | 165bps | - |
| AutoZone | BBB+ | Baa1 | Stable | Affirmed Feb 2026 | 72bps | - |
Recent Credit Actions
FedExFeb 2026
Upgraded
Credit metrics improved; positive outlook maintained
McDonald's, Home Depot, AutoZoneFeb 2026
Affirmed
Stable operations and strong market positions
7-Eleven, CVS Health, StarbucksJan 2026
Affirmed
Continued stable performance across portfolio
Dollar TreeDec 2025
Watch
Negative outlook due to competitive pressures; spread widened to 210bps
WalgreensNov 2025
Watch
Downgrade watch initiated; monitoring healthcare sector trends