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S&P and Moody's Credit Distribution & Migration Trends
| Asset / Name | Sector | Risk Level | Signal | 24h Change |
|---|---|---|---|---|
| Amazon.com Inc (AMZN) | Industrial - Logistics | AA | S&P AA / Moody's A1 - Stable outlook. Source: Company 10-K | N/A |
| Dollar General (DG) | Retail - Discount | BBB | S&P BBB / Moody's Baa2 - Stable. Source: Company 10-K | N/A |
| Realty Income (O) | NNN REIT | A- | S&P A- / Moody's A3 - Stable outlook. Source: REIT filings | N/A |
| Walgreens Boots (WBA) | Retail - Pharmacy | BBB- | S&P BBB- (Jan 2024 downgrade); Moody's Baa3 negative. Store closure program ongoing. Source: S&P press release | Watch |
| Saks Global Enterprises | Retail - Department Store | D | Filed Ch. 11 Jan 2026. Closing 8 Saks Fifth Avenue + ~57 Off 5th locations. NNN lease rejection risk. | Downgrade |
NNN portfolio credit quality remains solid at the investment-grade level, but 2026 has brought elevated downgrade and default activity in discretionary retail. The 2026 bankruptcy wave (Saks, Eddie Bauer, Claire's, Francesca's, QVC Group) primarily impacts non-IG tenants, but ripple effects include reduced foot traffic at co-tenanted properties and increased re-tenanting costs. Investment-grade tenants like Amazon (AA), Realty Income (A-), and Dollar General (BBB) remain stable. Walgreens (BBB-) continues on watch with ongoing store closures. Credit quality differentiation is widening — the spread between IG and non-IG cap rates has expanded to 200-400 bps, reflecting the market's aggressive pricing of credit risk in a higher-rate environment.
Credit ratings shown are sourced from public company filings (10-K/10-Q), rating agency press releases, and REIT investor presentations where companies disclose their own S&P/Moody's/Fitch ratings. The illustrative portfolio metrics (72% investment-grade, BBB+ average) represent typical NNN portfolio characteristics based on publicly available industry data. This page does not redistribute proprietary rating agency data. For real-time credit monitoring, portfolio-level analytics, and predictive default models, consult licensed providers: S&P Capital IQ, Moody's Analytics, CreditRiskMonitor, or Bloomberg Terminal.
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.