S&P and Moody's Credit Distribution & Migration 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 |
|---|---|---|---|---|
| Amazon.com Inc (AMZN) | Industrial - Logistics | AA | AA · S&P · Jul 1, 2026. Hanley Investment Group, Tenant Credit Ratings, Q3 2026, as of Jul 1, 2026. Stable outlook in the Hanley table. | N/A |
| Dollar General (DG) | Retail - Discount | BBB | BBB · S&P · Jul 1, 2026. Hanley Investment Group, Tenant Credit Ratings, Q3 2026, as of Jul 1, 2026. | 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| Walgreens Boots (WBA) | Retail - Pharmacy | Withdrawn | Rating withdrawn. Hanley Investment Group, Tenant Credit Ratings, Q3 2026, as of Jul 1, 2026. Store closure program is an operating issue. Hanley lists the S&P rating as withdrawn. | Withdrawn |
| Saks Global Enterprises | Retail - Department Store | D | Filed Ch. 11 Jan 2026. Closing 8 Saks Fifth Avenue and 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 hits non-investment-grade tenants, with ripple effects that include less foot traffic at co-tenanted properties and higher re-tenanting cost. BBB · S&P · Jul 1, 2026. Hanley Investment Group, Tenant Credit Ratings, Q3 2026, as of Jul 1, 2026. Rating withdrawn. Hanley Investment Group, Tenant Credit Ratings, Q3 2026, as of Jul 1, 2026. The gap between investment-grade and non-investment-grade cap rates has widened, which is the market pricing 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 (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.