Track tenant credit quality, ratings changes, and financial performance trends
Data as of Q2 2026. The Boulder Group Net Lease Research Report, Q2 2026, as of Jun 30, 2026 · FRED DGS10 5.05% as of Oct 28, 2026 · FRED DGS2 4.67% as of Oct 28, 2026 · FRED DFF 3.88% as of Oct 28, 2026 · FRED BAAFFM 2.72% as of Sep 1, 2026
| Asset / Name | Sector | Risk Level | Signal | 24h Change |
|---|---|---|---|---|
| Walgreens Boots Alliance (WBA) | Pharmacy/Retail | Medium | Earnings Miss | |
| CVS Health (CVS) | Pharmacy/Retail | Medium | Stable | |
| Bed Bath & Beyond (BBBY) | Specialty Retail | Past credit | Liquidated (2023), no rating | Past credit |
| Planet Fitness (PLNT) | Fitness | Low | Strong Growth | |
| Rent-A-Center (RCII) | General Merchandise | Medium | Watch |
The credit profile of widely held net-lease tenants remains stable. Investment-grade names are still the core of the market, and Hanley's published grades for those names cluster around single-A and BBB. Year-to-date rating actions have been mixed, with both downgrades and upgrades. Key concerns centered on traditional retail, including Walgreens margin pressure. Bed Bath & Beyond is kept here as a past credit: liquidated in 2023, with no current rating. Essential services and growth retailers (Planet Fitness, Ulta Beauty) demonstrate strength. Defaults among these credits remain rare. Investment-grade quality provides a cushion against economic headwinds. Monitoring stays focused on the legacy retail cohort, while essential and service tenants still show stronger demand.
Credit monitoring weighs S&P and Moody's ratings most heavily, then financial-statement analysis of leverage and liquidity, then transaction and market comparables. The portfolio score is a weighted average of individual tenant ratings mapped to a numeric scale from AAA at the top to D at the bottom. The risk score reflects both the current state and the twelve-month trend. The watchlist includes tenants with recent downgrade activity, negative earnings surprises, industry headwinds, or a sharp stock-price decline. Monitoring is monthly, with a deeper review each quarter.
The data, risk scores, and analysis on this page are for informational and educational purposes only. They do not constitute investment advice, credit analysis, or a recommendation to buy or sell any security. Risk scores are illustrative estimates based on publicly available information and should not be relied upon as the sole basis for investment decisions. Credit ratings referenced are sourced from public company filings and may not reflect the most current agency ratings. Company names are used for illustrative purposes; their inclusion does not imply any specific investment recommendation or prediction of financial distress. Always consult licensed financial professionals and primary data sources (S&P Global, Moody's, Fitch, SEC EDGAR) before making investment decisions.