National Retail Properties upgraded at Moody's

The move to Baa1 with stable outlook reflects NNN's "sound credit metrics, an essentially unencumbered portfolio, sustained prudent growth with solid operating performance, and management's continued commitment to conservative financial management," says Moody's, noting the weighted-average term of its triple-net leases are a lengthy 12 years.

Another upgrade in the near-term is unlikely, says the agency, and would likely require a doubling in the asset base to more than $10B with enhanced industry and tenant diversity, with fixed debt coverage consistently above 3x (it's currently 3.1x).

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