Investment Grade Credit Tenant Ratings

Investment Grade Credit Rating Chart Index

INVESTMENT GRADE TIER	GRADE	S&P	MOODY’S
PRIME	AAA	AAA	Aaa
HIGH GRADE	AA+	AA+	Aa1
	AA	AA	Aa2
	AA-	AA-	Aa3
UPPER MEDIUM GRADE	A+	A+	A1
	A	A	A2
	A-	A-	A3
LOWER MEDIUM GRADE	BBB+	BBB+	Baa1
	BBB	BBB	Baa2
	BBB-	BBB-	Baa3
NON-INVESTMENT GRADE SPECULATIVE	BB+	BB+	Ba1
	BB	BB	Ba2
	BB-	BB-	Ba3
	B+	B+	B1
	B	B	B2
	B-	B-	B3
SUBSTANTIAL RISKS	CCC+	CCC+	Caa1
	CCC	CCC	Caa2
	CCC-	CCC-	Caa3
EXTREMELY SPECULATIVE	CC	CC	Ca
	C	C	C
IN DEFAULT	D	D	C

1. Automotive

Summary:
The automotive category includes a variety of businesses involved in manufacturing, retailing, and servicing vehicles or automotive parts. This sector’s credit ratings typically reflect factors such as consumer spending on vehicle repairs and maintenance, fuel and energy demand, and the broader economic climate. Major integrated oil companies, tire manufacturers, and auto parts retailers often maintain comparatively stronger credit ratings, while smaller or more specialized automotive chains may have more speculative ratings.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
Advance Auto Parts	BBB-	Baa2	Advance Auto Parts, Inc. \| Carquest, Western Auto Supply, etc.
AutoNation	BBB-	Baa3	AutoNation, Inc. \| House of Imports, Luxury Imports
AutoZone	BBB	Baa1	AutoZone, Inc.
Avis / Budget	BB+	Ba1	Avis / Budget Group, Inc. \| Zipcar, Payless Car Rental, etc.
Big O Tires	A-	Baa1	Sumitomo Corp. \| Merchant’s Tire & Auto Centers, NTB, Tire Kingdom
BP / AMOCO	A-	A2	BP, PLC \| Atlantic Richfield Company, Standard Oil
Bridgestone / Firestone	A	A2	Bridgestone Corp.
Chevron	AA-	Aa2	Chevron Corp. \| Texaco, Unocal
Exxon / Mobil	AA-	Aa2	Exxon Mobil Corp. \| Imperial Oil
Goodyear	BB-	B2	Goodyear Tire & Rubber Co. \| Dunlop
Hertz	BB-	B2	Hertz Global Holdings, Inc. \| Thrifty, Dollar, Firefly
Marathon / Speedway	BBB-	Baa3	Marathon Petroleum Corp. \| Hess
NAPA Auto Parts	BBB	Baa1	Genuine Parts Company \| GPC Asia Pacific
O’Reilly Auto Parts	BBB	Baa1	O’Reilly Automotive, Inc.
Pep Boys	BB+	Ba3	Icahn Enterprises LP
Phillips 66	BBB+	A3	Phillips 66
Shell / Jiffy Lube	A+	Aa2	Shell, PLC \| Pennzoil, Raizen
Sinclair Oil	BBB-	Baa3	HF Sinclair Corp.
Valero	BBB	Baa2	Valero Energy Corp.
Valvoline	BB	Ba2	Ashland Global Holdings, Inc.

2. Bank

Summary:
The banking industry spans local and regional institutions to national and multinational financial conglomerates. Credit ratings in this category generally mirror the institution’s asset quality, capital adequacy, and risk management. Well-capitalized and diversified banks typically hold higher investment-grade ratings, while those with limited geographic reach or higher exposure to credit risk may receive lower ratings.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
Bank of America	A+	Aa2	Bank of America Corp. \| Merrill Lynch, U.S. Trust
BB&T Bank / SunTrust Bank (Truist)	A-	A3	Truist Financial Corp.
BMO Harris Bank	A+	A2	BMO Harris Bank, N.A.
Capital One	BBB+	Baa1	Capital One Financial Corp. \| Hibernia National Bank
Chase Bank	A-	Aa3	JPMorgan Chase & Co. \| JP Morgan
Citibank	BBB+	A3	Citi Group Inc.
Citizens Bank	BBB+	Baa1	Citizens Financial Group, Inc.
Comerica Bank	A-	A3	Comerica Incorporated
Fifth Third Bank	BBB+	Baa1	Fifth Third Bancorp
Huntington Bank	A-	A3	Huntington Bancshares Incorporated
Key Bank	BBB+	Baa1	KeyCorp
M&T Bank	BBB+	A3	M&T Bank Corp.
PNC Bank	A-	A3	PNC Financial Services Group, Inc.
Regions Bank	BBB+	Baa1	Regions Financial Corp.
TCF Bank	BBB-	Baa3	TCF Financial Corp.
TD Bank	AA-	Aa2	TD Bank, N.A.
U.S. Bank	A+	A2	U.S. Bancorp
Wells Fargo	BBB+	A1	Wells Fargo & Company

3. Big Box / Junior Box / Large Retail

Summary:
Big box, junior box, and large retail tenants often offer general merchandise, electronics, home goods, sporting goods, or apparel. These retailers’ credit profiles reflect sales trends, competitive pricing, real estate footprint, and online-commerce initiatives. Many have investment-grade ratings due to stable revenue streams and national brand recognition, though some face declining credit metrics if they struggle to adapt to shifting consumer habits.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
Barnes & Noble	N/A	N/A	Barnes & Noble Education, Inc.
Bed Bath & Beyond	B+	B1	Bed Bath & Beyond, Inc.
Best Buy	BBB+	A3	Best Buy Co., Inc.
Big Lots	N/A	N/A	Big Lots, Inc.
BJ’s Wholesale Club	BB	Ba1	BJ’s Wholesale Club, Inc.
Burlington	BB+	Ba2	Burlington Stores, Inc.
Costco	A+	Aa3	Costco Wholesale Corp.
Dick’s Sporting Goods	B	Baa3	DICK’S Sporting Goods, Inc.
Dillard’s	BB-	Baa3	Dillard’s, Inc.
DSW	N/A	N/A	DSW Holdings, Inc.
Dunham’s Sports	BBB	Baa	Dunham’s Sports
Five Below	N/A	N/A	Five Below, Inc.
Floor & Decor	BB-	Ba3	Floor & Decor Holdings, Inc.
Harbor Freight	BB-	Ba3	Harbor Freight Tools USA, Inc.
Home Depot	A	A2	Home Depot, Inc.
JCPenney	N/A	N/A	J.C. Penney Company, Inc.
Joann Fabric & Crafts	B	B2	Jo-Ann Stores, Inc.
Kirkland’s	N/A	N/A	Kirkland’s, Inc.
Kohl’s	BBB-	Baa2	Kohl’s Corp.
Lifetime Fitness	B-	Caa1	Life Time Group Holdings, Inc.
Lowe’s	BBB+	Baa1	Lowe’s Companies, Inc.
Macy’s	M	Ba1	Macy’s, Inc.
Michaels	B	B1	The Michaels Companies, Inc.
Nordstrom	BB+	Ba1	Nordstrom, Inc.
Office Depot / OfficeMax	N/A	N/A	The ODP Corp.
Old Navy / Gap	BB	Ba2	Gap, Inc.
Party City	B	B3	Party City Holdings, Inc.
Petco	B-	B2	Petco Animal Supplies, Inc.
PetSmart	B+	B1	PetSmart, Inc.
Planet Fitness	BBB-	B3	Planet Fitness, Inc.
Ross Dress For Less	BBB+	A2	Ross Stores, Inc.
Staples	A	A2	Staples, Inc.
The Container Store	B	B1	The Container Store, Inc.
TJ Maxx / HomeGoods / Marshalls	BB+	Ba1	TJX Companies
Tractor Supply Co.	BBB	Baa1	Tractor Supply Company
Ulta Beauty	N/A	N/A	Ulta Beauty, Inc.
Walmart / Sam’s Club	AA	Aa2	Wal-Mart Stores, Inc.

4. Convenience Stores

Summary:
Convenience stores typically rely on fuel sales, snacks, quick meals, and other high-turnover products. Their creditworthiness is tied to consumer traffic, location quality, and broader energy market trends if they also sell gasoline. Many convenience chains are privately held, but international or large-scale operators often hold stronger investment-grade ratings.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
7-Eleven	A	Baa2	Seven & I Holdings Co. LTD
Casey’s	N/A	N/A	Casey’s General Stores, Inc.
Circle K	BBB	Baa2	Alimentation Couche-Tard, Inc.
Kum & Go	N/A	N/A	Krause Group
Love’s Travel Stop	N/A	N/A	Love’s Travel Stops & Country Stores, Inc.
Sheetz	N/A	N/A	Sheetz, Inc.
Wawa	N/A	N/A	Wawa, Inc.

5. Dollar Stores

Summary:
Dollar stores cater to budget-conscious consumers and often thrive in both robust and uncertain economic environments. Credit ratings for these chains are influenced by their ability to manage tight margins, maintain a nationwide footprint, and compete with big-box discounters.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
99 Cents	CCC-	Caa3	99 Cents Only Stores, LLC
Dollar General	BBB	Baa2	Dollar General Corp.
Dollar Tree / Family Dollar	BBB	Baa2	Dollar Tree, Inc.

6. Drug / Pharmacy

Summary:
Pharmacies remain vital as healthcare hubs for prescription fulfillment, convenience health items, and immunization services. This sector’s creditworthiness is strongly connected to the regulatory landscape, reimbursement rates, and overall healthcare spending. Large national chains often exhibit higher credit ratings due to size and consistent demand.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
CVS	BBB	Baa2	CVS Health Corp.
Rite Aid	D	N/A	Rite Aid Corp. \| Bartell Drugs, Thrifty PayLess
Walgreens	BBB-	Ba2	Walgreens Boots Alliance, Inc.

7. Grocery

Summary:
Grocery tenants range from regional operators to major nationwide chains. They generally have stable revenues given the constant demand for food and household staples. Credit ratings vary based on scale, geographic diversification, and competitive pressures from discount retailers, online delivery services, and big-box stores.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
Albertsons	BB	Ba2	Albertsons Companies, Inc. \| Safeway, Vons, Jewel-Osco, etc.
Aldi / Trader Joe’s	N/A	N/A	ALDI Nord
BI-LO / Winn-Dixie	N/A	N/A	Southeastern Grocers, LLC
Family Fare	N/A	N/A	SpartanNash Co.
Food Lion	N/A	Baa1	Delhaize America, LLC
Giant Eagle	N/A	N/A	Giant Eagle, Inc.
Giant Food Stores	BBB	Baa1	Koninklijke Ahold Delhaize N.V.
Hy-Vee	N/A	N/A	Hy-Vee, Inc.
IGA Supermarkets	N/A	N/A	Metcash
Kroger	BBB	Baa1	The Kroger Co. \| Harris Teeter, Fred Meyer, etc.
Meijer	N/A	N/A	Meijer, Inc.
Piggly Wiggly	N/A	N/A	C&S Wholesale Grocers, Inc.
Publix	N/A	N/A	Publix Supermarkets, Inc.
Save-A-Lot	N/A	N/A	SAL Acquisition Corp.
Whole Foods / Amazon Fresh	AA	A1	Amazon.com, Inc.

8. Healthcare

Summary:
Medical tenants span hospital systems, outpatient clinics, dialysis centers, and specialized practices. Their credit profiles depend on operating margins, payer mix (Medicare, Medicaid, private), and patient volumes. Large, diversified healthcare systems often hold higher credit ratings, while smaller or privately owned practices may not be rated or may have lower ratings due to narrower financial resources.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
Ascension	AA+	Aa2	Ascension Parish, LA.
Aspen Dental	B	B3	Aspen Group, Inc.
Athletico	B	B3	Athletico Holdings, LLC
BioLife Plasma	BBB-	Baa3	Takeda Pharmaceutical Co. Ltd.
Concentra / Humana	BBB+	Baa3	Humana, Select Medical Holdings
Corewell Health	A+	Aa3	Corewell Health (includes Beaumont Health, Spectrum Health)
CSL Plasma	A-	A3	CSL Behring
DaVita Dialysis	BB	Ba3	DaVita, Inc.
EyeCare Partners	N/A	B2	EyeCare Partners, LLC
Fresenius	BBB-	Baa3	Fresenius Medical Care AG & Co. KGaA
Grifols	BB	Ba3	Grifols, S.A.
Henry Ford Health	A	A2	Henry Ford Health
HCA Healthcare	BB+	Baa3	HCA, Inc.
Heartland Dental	N/A	B-	Heartland Dental, LLC
Mary Washington Healthcare	N/A	A3	Mary Washington Healthcare
McLaren Health Care	N/A	A1	McLaren Health Care Corp.
Oak Street Health	N/A	N/A	Oak Street Health, Inc. (Pending Acquisition by CVS)
Piedmont Healthcare	AA-	A1	Piedmont Healthcare, Inc.
Sparrow Health	A-	A3	Sparrow Health System
Trinity Health	N/A	Aa3	CommonSpirit Health (e.g., CHI Health, MercyOne)
U of M Health	AAA	Aa2	University of Michigan \| Michigan Medicine
University of Pittsburgh Medical Center (UPMC)	N/A	A2	University of Pittsburgh Medical Center

9. Restaurants

Summary:
Restaurants rely heavily on consumer discretionary spending and brand loyalty. Credit ratings in this segment often hinge on system-wide sales, franchise structures, and the ability to adapt to menu trends and digital ordering. Well-known chains with globally recognized brands typically boast stronger ratings, while purely franchised or smaller concepts face higher risk.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
Applebee’s / IHOP	N/A	N/A	Dine Brands Global, Inc.
Arby’s / Buffalo Wild Wings / Sonic / etc.	B+	B2	Inspire Brands, Inc.
Burger King / Tim Horton’s / Popeyes	BB	B1	Restaurant Brands International, Inc.
Carrols Restaurant Group (Burger King Franchisee)	B-	N/A	Carrols Restaurant Group
Chili’s Grill & Bar	BB-	Ba3	Brinker International, Inc.
Dairy Queen	AA	Aa2	International Dairy Queen, Inc. & Berkshire Hathaway
McDonald’s	BBB+	Baa1	McDonald’s Corp.
Olive Garden / Bahama Breeze / LongHorn	BBB	Baa2	Darden Restaurants, Inc.
Outback Steakhouse / Carrabba’s Italian Grill	BB-	Ba3	Bloomin’ Brands, Inc.
Starbucks	BBB+	Baa1	Starbucks Corp.
Steak ‘n Shake	CCC-	Ca	Biglari Holdings, Inc.
Taco Bell / KFC / Pizza Hut	BB+	Ba2	Yum! Brands, Inc.
Wendy’s	B+	B3	The Wendy’s Company

10. Retail

Summary:
“Retail (Other)” covers a broad range of consumer-facing businesses—movie theaters, technology companies with retail footprints, shipping services, and more. Credit quality here varies drastically, from speculative-rated entertainment chains facing shifting consumer tastes to top-rated technology firms benefiting from strong revenue growth and robust balance sheets.

TENANT	S&P	MOODY’S	PARENT COMPANY & SUBSIDIARIES
24 Hour Fitness	CCC-	Caa3	All Day AcquisitionCo, LLC
AMC Theaters	CCC+	Caa2	AMC Entertainment Holdings, Inc.
Apple	AA+	Aaa	Apple, Inc.
AT&T	BBB	Baa2	AT&T, Inc.
Chuck E. Cheese	B-	B3	CEC Entertainment, Inc.
Cinemark	B	B3	Cinemark Holdings, Inc.
Cineworld	B-	B1	Cineworld Group PLC
FedEx	BBB	Baa2	FedEx Corp.
GameStop	B	N/A	GameStop Corp.
Google	AA+	Aa2	Alphabet, Inc. (YouTube, etc.)
Guitar Center	B	B3	Guitar Center, Inc.
Microsoft	AAA	Aaa	Microsoft Corp.
Rent-A-Center	BB-	Ba2	Rent-A-Center, Inc.
Sally Beauty	BB-	Ba1	Sally Beauty Holdings
Sherwin-Williams	BBB	Baa2	Sherwin-Williams, Co.
Sprint	BB+	Ba2	Sprint Corp.
The UPS Store	A-	A2	United Parcel Service, Inc.
T-Mobile	BBB-	Baa3	T-Mobile US, Inc.
Verizon	BBB+	Baa1	Verizon Communications, Inc.

Disclaimer: This information is provided for general reference only and does not constitute investment advice. Credit ratings are subject to change; always refer to the latest reports from S&P, Moody’s, or other reputable agencies for the most current ratings.