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 May 2026 | 130bps | - |
| Walgreens | NR | WR | N/A | Withdrawn (Privatized Aug 2025) | N/A | ⚠️ Private |
| 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 Mar 2026 | 225bps | ⚠️ Watch |
| FedEx | BBB | Baa2 | Positive | Upgraded Jan 2026 | 110bps | - |
| DaVita | BB+ | Ba1 | Stable | Affirmed Apr 2026 | 290bps | - |
| Fresenius Medical | BBB | Baa3 | Stable | Affirmed May 2026 | 170bps | - |
| AutoZone | BBB+ | Baa1 | Stable | Affirmed Feb 2026 | 72bps | - |
Recent Credit Actions
Dollar General, Fresenius MedicalMay 2026
Affirmed
Stable fundamentals despite rising energy costs; margins held
DaVita, CVS HealthApr 2026
Affirmed
Healthcare sector resilient amid inflation spike; steady operations
Dollar TreeMar 2026
Watch
Continued negative outlook; spread widened to 225bps on margin pressure from energy costs
FedExFeb 2026
Upgraded
Credit metrics improved; positive outlook maintained
McDonald's, Home Depot, AutoZoneFeb 2026
Affirmed
Stable operations and strong market positions