TENANT CREDIT RATINGS
Alex Chenarides | Executive Director
phone 562.225.2911
alexc@slatt.com
Retail Tenant List, with Ticker Symbols and Credit Ratings
3rd Quarter 2012
CREDIT TENANCY
MOODY’S
STANDARD & POOR
Highest Quality
Aaa
AAA
High Quality
Aa
AA
Upper Medium Grade
A
A
Medium Grade
Baa
BBB
Lower Medium Grade*
Ba
BB
Lower Grade
B
B
Poor Quality
Caa
CCC
Speculative
Ca
CC
No Interest Being Paid or BK Petition Filed
C
C
Note: The ratings from Aa to Ca by Moody’s may be modified by the addition of a 1, 2 or 3 to
show the relative standing within the category. 1=High 3=Low
*Below Investment Grade
Barry S. Slatt Mortgage Co.
Alex Chenarides | Executive Director 11111 Santa Monica Boulevard | Suite 350 Los Angeles CA 90025
phone 562.225.2911 alexc@slatt.com www.slatt.com
STOCK
SYMBOL
GROCERY STORES
Delhaize Group
MOODY’S
BOND
RATING
S & P LONG
TERM
SUBSIDIARIES OR TENANT NOTES
NR = No Rating Available
DZA
Baa3 Stable
BBB-
HEB
Private
NR
A
***
Ingles
IMKTA
Ba3 Stable
BB- Neg
***
KR
Baa2 Stable
BBB Stable
PUSH
NR
NR
Crispers
Private
B2 Stable
B+
Pick n Save, Copps, Metro Market, Rainbow, Mariano’s
Ruddick Corp.
RDK
NR
NR
Harris Teeter
Safeway, Inc.
SWY
Baa3 Stable
BBB Stable
Von’s, Dominick’s, Carr-Gotttein, Randall’s, Genuardi’s, Pavillion’s
Private
B2 Positive
B- Positive
Smart Foodservice Cash & Carry, Sun Harvest, Henry’s
Spartan Stores
SPTN
NR
NR
SuperValu, Inc.
SVU
B1 Stable
B+ Negative
Kroger Company
Publix Super Markets, Inc.
Roundy’s Supermarkets Inc
Smart & Final Holding Corp
Tesco, plc
TSCO-LN Baa1 Stable
Food Lion, Bottom Dollar, Hannaford Brothers, Kash n’ Karry
Fred Meyer, Ralph’s, Smith’s Food & Drug, QFC, Food 4 less
D&W Fresh Markets, Family Fare Supermarkets, Glen’s Markets
Albertson’s, Richfood, Cub Foods, Farm Fresh, Savon/Osco
A- Stable
Fresh & Easy
Sam’s Clubs, Neighborhood Markets, Wal Mart SuperCenter
Walmart Stores, Inc.
WMT
Aa2 Stable
AA Stable
Weis Markets, Inc.
WMK
NR
NR
Whole Foods Market, Inc.
WFMI
NR
BB+ Pos
Winn Dixie
WINN
NR
NR
Rite Aid
RAD
Caa1 Stable
B- Stable
Savon/Osco
SVU
B1 Stable
B+ Negative
Walgreen Co.
WAG
A3 Stable
A Neg
CVS Corporation
CVS
Baa2 Positive
BBB+ Stable
Superpetz
Nature’s Heartland, Food for Thought, Wild Oats
Winn & Lovett, Thrifty Maid
DRUG STORES
***
Subsidiary of Albertsons
***
Arbor, Merged w/Caremark, Acquired Eckerds renaming to CVS
DEPARTMENT STORES / APPAREL RETAILERS
American Apparel
APP
NR
NR
Brown Shoe Company
BWS
B2 Stable
B Stable
Burlington Northern Santa Fe
BNI
A3 Stable
BBB+ Stable
Cato’s
CTR
NR
NR
Charming Shops Inc
CHRS
NR
B- Positive
Chico’s
CHS
NR
NR
Collective Brands Inc
PSS
B1Rur
B Negative
***
Famous Footwear, Naturalizer, Buster Brown
Cato’s, It’s Fashion
Lane Bryant, Fashion Bug, Catherine + Sizes, Petite Sophisticate
Soma Intimates
Payless Shoe Source, The Stride Rite Corp
NR = No Rating Available
RATING UPGRADE
RATING DOWNGRADE
Barry S. Slatt Mortgage Co.
Alex Chenarides | Executive Director 11111 Santa Monica Boulevard | Suite 350 Los Angeles CA 90025
phone 562.225.2911 alexc@slatt.com www.slatt.com
STOCK
SYMBOL
MOODY’S
BOND
RATING
S & P LONG
TERM
SUBSIDIARIES OR TENANT NOTES
DEPARTMENT STORES / APPAREL RETAILERS (CONTINUED)
Dillard’s Inc
DDS
B1 Stable
BB Stable
Dress Barn
DBRN
NR
NR
Gap, Inc.
GPS
Baa3 Stable
BB+ Stable
Banana Republic, Old Navy, Gap, Piperlime
Genesco
GCO
NR
BB- Stable
Journeys, Journeys Kidz, Underground Station, Johnston & Murphy
Gottschalks
GOT
NR
NR
***
J. Crew
JCG
B2 Stable
B Neg
***
JC Penney
JCP
Ba1 Stable
BB-Negative
***
Jo-Ann Stores, Inc.
JAS
B2 Stable
B Positive
***
Jos.A.Bank
JOSB
NR
NR
***
Kohl’s Corporation
KSS
Baa1 Stable
BBB+ Stable
***
Kenneth Cole
CKP
NR
NR
***
Limited Brands Inc
LTD
Ba1 Stable
BB+ Stable
M
Baa3 Stable
BBB Stable
Men’s Wearhouse, Inc.
MW
NR
NR
Nordstrom
JWN
Baa1 Stable
A- Stable
***
Polo Ralph Lauren
RL
A3 Stable
A- Stable
***
Retail Ventures Inc
RVI
NR
NR
Saks Inc.
SKS
Ba3 Stable
BB Stable
Macy’s, Inc.
B3 Negative CCC+ Negative
***
Maurice’s Brands
Bloomingdales
K & G Men’s Center
DSW Shoe Warehouse (Ticker DSW) Filene’s Basement, Value City
***
Sears Holdings
SHLD
Shoe Carnival
SCVL
NR
NR
***
Shoe Pavilion
SHOE
NR
NR
BK Filed
Talbot’s, Inc.
TLB
NR
NR
J. Jill
Target Corporation
TGT
A2 Stable
A+ Stable
Super Target, Target
The Bon Ton
BONT
Caa1 Neg
B- Stable
Bon-Ton, Bergner’s, Boston Store
Tuesday Morning
TUES
NR
NR
***
Urban Out itters
URBN
NR
NR
***
99 Cents Only Stores, Inc.
NDN
NR
B Stable
***
Big Lots
BIG
NR
BBB Negative
***
COST
A1 Stable
A+ Stable
***
DG
Ba1 Positive
BBB- Stable
Dollar Tree Stores, Inc.
DLTR
NR
NR
***
Family Dollar Stores, Inc.
FDO
Baa3 Stable
BBB- Stable
***
Fred’s Inc.
FRED
NR
NR
Ross Stores Inc.
ROST
NR
BBB+ Stable
TJX
A3 Stable
A Stable
Sears, K-mart, Orchard Supply Hardware
DISCOUNT RETAILERS
Costco Wholesale Corp.
Dollar General
TJ Maxx Companies, Inc.
Fred’s Pharmacy
Ross Dress for Less, DD’s Discounts
Marshall’s, Homegoods, Winners, A. J. Wright, Bob’s Stores
NR = No Rating Available
RATING UPGRADE
RATING DOWNGRADE
Barry S. Slatt Mortgage Co.
Alex Chenarides | Executive Director 11111 Santa Monica Boulevard | Suite 350 Los Angeles CA 90025
phone 562.225.2911 alexc@slatt.com www.slatt.com
STOCK
SYMBOL
MOODY’S
BOND
RATING
S & P LONG
TERM
Aaron Rents
RNT
NR
NR
Advance Auto Parts
AAP
Baa3 Stable
BBB- Stable
Advance Micro Devices
AMD
Ba3 Positive
BB- Stable
Alberto-Culver Co.
ACV
NR
NR
Amazon.Com Inc.
AMZN
NR
NR
T
A2 Stable
A- Stable
AZO
Baa2 Stable
BBB Stable
Bally Total Fitness
BFTH
NR
NR
Bed Bath & Beyond, Inc.
BBBY
NR
BBB+ Stable
Bellsouth Corp
BLS
A2 Stable
NR
Best Buy Company, Inc.
BBY
Baa2 Stable
BBB- Negative
Big 5 Sporting Goods
BGFV
NR
NR
BJ’s Wholesale Club
BJ
B1 Stable
NR
***
Blockbuster Entertainment
BBI
NR
BK
Blockbuster Video, Blockbuster.com
Borders Group, Inc.
BGP
NR
NR
***
BRDCY
A3 Stable
BBB+ Stable
Cinemark
CNK
B1 Stable
BB- Stable
Citi Trends
CTRN
NR
NR
Citi Trends Fashion For Less
Cost Plus
CPWM
NR
NR
Cost Plus World Markets
CSK Corp
CAO
NR
NR
Checker Auto, Kragens, Schuck’s Auto
Dick’s Sporting Goods
DKS
NR
NR
***
Federal Express
FDX
Baa1 Stable
BBB Stable
Furniture Brands Int.
FBN
NR
NR
Broyhill, Lane, Thomasville, Drexel Heritage, Henredon
Game Stop
GME
NR
NR
***
Genuine Parts Company
GPC
NR
NR
Napa Auto Parts, Motion Industries, S.P. Richards
Goodyear Tire & Rubber Co
GT
Ba3 Stable
BB- Stable
HRB
NR
BBB Negative
***
Home Depot, Inc.
HD
A3 Stable
A- Stable
***
L.A. Fitness
LFS
NR
NR
***
Lowe’s Companies, Inc.
LOW
A3 Stable
A- NEG
MetroPCS Wireless
N/A
NR
NR
***
Nike
NKE
A1 Stable
A+ Stable
***
Of ice Depot, Inc.
ODP
B2 Stable
B- Stable
Viking Of ice Products
Of ice Max
OMX
B1 Stable
B- Stable
Copy Max
Petsmart
PETM
NR
BB+ Stable
SUBSIDIARIES OR TENANT NOTES
OTHER RETAIL
AT&T
AutoZone, Inc.
Bridgestone Corp
H&R Block
Aaron’s Rents, Aaron’s Corporate Furnishings, Rimco
Discount Auto Parts, Western Auto
Develop s computer processors
Beauty & personal care products; now a part of the Unilever Group
Auto Palace, Truckpro, Chief Auto Parts
*Ratings withdrawn 2-07
***
Subsidiary of AT&T Inc.
Geek Squad, Magnolia Audio Video, Paci ic Sales
Century Theaters, CineArts Tinseltown
Fed Ex/Kinko’s, renamed Fed Ex Of ice
Eagle Hardware
Moody’s Ratings Withdrawn on 11-07
NR = No Rating Available
RATING UPGRADE
RATING DOWNGRADE
Barry S. Slatt Mortgage Co.
Alex Chenarides | Executive Director 11111 Santa Monica Boulevard | Suite 350 Los Angeles CA 90025
phone 562.225.2911 alexc@slatt.com www.slatt.com
STOCK
SYMBOL
MOODY’S
BOND
RATING
S & P LONG
TERM
SUBSIDIARIES OR TENANT NOTES
OTHER RETAIL (CONTINUED)
Pier 1 Imports
PIR
NR
NR
Radio Shack
RSH
B1 Negative
B+ Neg
Regal Entertainment Group
RGC
B1 Stable
B+ Stable
Regal Cinema’s, United Artists Theaters, Edwards Theaters
Rent A Center Inc.
RCII
Ba2 Positive
BB Stable
***
SE
Baa1 Stable
NR
Sherwin-Williams Company
SHW
A3 Stable
A Stable
Shell Oil Co
RDS
Aa2 Stable
AA Stable
Skechers
SKX
NR
NR
Sonic Automotive Inc.
SAH
B1 Stable
BB- Stable
SPCHA
NR
NR
S
B1Rur
B+ Neg
Staples, Inc.
SPLS
Baa2 Stable
BBB Stable
Toys R Us
TOY
B1 Negative
B Stable
***
Tractor Supply Company
TSCO
NR
NR
***
Verizon Communications
VZ
A- Stable
***
Seven - 11
Sports Chalet
Sprint - Nextel Corp
A3 Stable
Moody’s Ratings Withdrawn on 8-07
***
Indirect subsidiary of Seven & I Holdings, Japan
***
***
***
Embarq - spin off of local carriers. Ticker EQ, BBB- Stable rating
Quill Corp
BANKS/FINANCIAL INSTITUTIONS
Bank of New York Mellon
BK
Aa1 Negative
AA- Negative
***
BB & T
BBT
A2 Stable
A- Stable
***
Barclays Bank PLC
BCS
Aa3Rur
A+ Stable
Bank of America
BAC
Baa1Rur
A- Negative
Branch Banking & Trust Co.
BBT
A1 Stable
A Stable
Capital One
COF
Baa1
BBB Negative
Citibank NA
C
A1Rur
A Negative
Citigroup
C
A3Rur
A- Negative
CYN
A1 Negative
BBB+ Stable
Aa2 Stable
A Stable
City National Bank
Commerce Bank NA
***
***
***
Compass Bank
CBSS
A3 Negative
BBB Negative
Fifth Third Bancorp
FITB
Baa1 Stable
BBB Positive
HSBC
HBC
A1Rur
A+ Stable
Lloyds TSB Bank PLC
LLOY
A1 Rur
A Stable
JP Morgan Chase Bank NA
JPM
Aa1 Rur
NR
JP Morgan Chase
JPM
Aa3Rur
A Negative
***
M & T Bancorp
MTB
A3 Stable
A- Stable
***
***
***
NR = No Rating Available
RATING UPGRADE
RATING DOWNGRADE
Barry S. Slatt Mortgage Co.
Alex Chenarides | Executive Director 11111 Santa Monica Boulevard | Suite 350 Los Angeles CA 90025
phone 562.225.2911 alexc@slatt.com www.slatt.com
STOCK
SYMBOL
MOODY’S
BOND
RATING
S & P LONG
TERM
SUBSIDIARIES OR TENANT NOTES
BANKS/FINANCIAL INSTITUTIONS (CONTINUED)
National City Bank, OH
NCC
NR
NR
PNC Bank NA
PNC
A2 Positive
A Stable
RBC Bank USA
RY
A2
NR
Sovereign Bank
SOL
Suntrust
STI
***
A3 Negative BBB+ Negative
A3 Stable
BBB+ Stable
Aa2 Negative
AA- Stable
UBSH
A2 Stable
A+ Stable
US Bancorp
USB
Aa3 Negative
A Stable
Wachovia Bank NA
WB
Aa3 Negative
NR
Wells Fargo Bank
WFC
Aa3 Negative
A+ Negative
***
Zions Frist Nat’l Bank
ZION
Ba1 Stable
BBB- Negative
***
BJRI
NR
NR
***
DQ
NR
NR
Wholly owned subsidiary of Berkshire-Hathaway
BOBE
NR
NR
MIMI’S Café, Bob Evans Farms
Boddie Noell Enterprises, Inc
BNE
NR
NR
Hardee’s Franchisee, Café Carolina & Bakery, Texas Steakhouse & Saloon
Brinker International
EAT
Ba1 Stable
BBB- Stable
Chili’s, Macaroni Grill, On the Border Café, Cozymels, Corner Bakery
BWLD
NR
NR
***
Burger King Corp
BKC
B2 Negative
NR
***
California Pizza Kitchen
CPKI
B3 Stable
B Stable
***
Carrol’s Restaurant Group
TAST
NR
NR
Taco Cabana, Carrow’s, Pollo Tropical and Burger King Franchisee
CBRL Group, Inc.
CBRL
NR
NR
Cracker Barrel
CEC Entertainment, Inc.
CEC
NR
NR
Chuck E. Cheese’s Pizza
The Cheesecake Factory
CAKE
NR
NR
***
CKE Restaurants
CKR
B2 Negative
B- Stable
Darden Restaurants, Inc.
DRI
Baa2 Stable
BBB Stable
DineEquity, Inc
DIN
B2 Stable
B Stable
DENN
NR
NR
***
Domino’s Pizza
DPZ
NR
NR
***
Einstein Noah Restaurant Gp
BAGL
NR
NR
Noah’s Bagels, Manhattan Bagel, New World Coffee
Private
Caa1 Stable
B- Stable
Frisch’s Restaurants
FRS
NR
NR
Big Boy, Golden Corral
Jack In The Box, Inc.
JBX
NR
NR
JBX Grill, Qdoba Mexican Grill, Quick Stuff
Landry’s Restaurants
LNY
B3 Negative
B Stable
TD Bank NA
Union Bank N.A.
***
***
*** Parent Company is U.S. Bancorp
RESTAURANTS (CORPORATE BACKED)
BJ’s Restaurants, Inc.
Dairy Queen
Bob Evans Farms, Inc.
Buffalo Wild Wings, Inc.
Denny’s Corp
El Pollo Loco
Carls Jr. - Green Burrito, Hardee’s - Red Burrito, La Salsa
Red Lobster, Olive Garden, Bahama Breeze, Longhorn Steakhouse
Applebee’s, International House of Pancakes
Cadillac Bar, Chart House, Fisherman’s Wharf, The Crab House
NR = No Rating Available
RATING UPGRADE
RATING DOWNGRADE
Barry S. Slatt Mortgage Co.
Alex Chenarides | Executive Director 11111 Santa Monica Boulevard | Suite 350 Los Angeles CA 90025
phone 562.225.2911 alexc@slatt.com www.slatt.com
STOCK
SYMBOL
MOODY’S
BOND
RATING
S & P LONG
TERM
SUBSIDIARIES OR TENANT NOTES
RESTAURANTS (CORPORATE BACKED CONTINUED)
McDonald’s Corporation
MCD
A2 Stable
A Stable
***
Morton’s Restaurant Group
MRT
NR
NR
***
O’Charley’s
CHUX
NR
NR
***
OSI Restaurant Partners
OSI
Caa1 Stable
B Positive
Panera Bread Company
PNRA
NR
NR
St. Louis Bread
Papa John’s International Inc
PZZA
NR
NR
Papa John’s Pizza
Perkins & Marie Calendar’s
PMCI
NR
NR
Perkins, Marie Calendar’s
P. F. Chang’s China Bistro
PFCB
NR
NR
Pei Wei, Taneko Japanese Tavern
Rare Hospitality International
RARE
NR
NR
Longhorn Steakhouse, Capital Grille
Red Robin Gourmet Burgers
RRGB
NR
NR
***
Rubio’s Restaurants
RUBO
NR
NR
Rubio’s
Ruby Tuesday, Inc.
RT
NR
NR
Ruby Tuesday’s
Sonic Corporation
SONC
NR
NR
Sonic Burger
Starbucks Corporation
SBUX
Baa3 Positive
A- Stable
Texas Roadhouse, Inc
TXRH
NR
NR
Wendy’s/Arby’s Group
WEN
B2 Positive
B+ Stable
Yum! Brands, Inc.
YUM
Baa3 Stable
BBB Stable
Outback Steakhouse, BoneFish Grill, Flemmings, Carrabba’s, etc.
Starbucks Hear Music
***
New Wendy’s / Triarc-Arby’s Merger
Pizza Hut, Taco Bell, KFC, Long John Silvers, A&W
NON-RETAIL TENANTS
Allstate Corp.
ALL
Chevron Corp
CHTEX
Aa1 Stable
AA Stable
Choice Hotels Int’l. Inc.
CHH
Baa2 Stable
BBB Stable
Conoco Phillips Co
COP
A1 Stable
A Stable
Cox Communications Inc
COX
Baa2 Stable
BBB Stable
COXEP
Baa2 Stable
BBB Stable
Exxon Mobil Corp
XOM
Aaa Stable
AAA Stable
General Electric Co
GE
Aa3 Stable
AA+ Stable
General Electric Capital Corp
GEJ
A1 Stable
AA+ Stable
Glaxosmithkline PLC
GSK
A1 Stable
A+ Stable
Indiana Gas Co Inc
INNG
A3 Stable
A- Stable
Marriott Int’l Inc
MAR
Baa2 Stable
BBB Stable
Michael Stores Inc
MIK
B2 Positive
B Positive
Motorola Solutions Inc
MOT
Baa2 Stable
BBB Stable
New Cingular Wireless Serv.
AWE
NR
NR
Nokia
NOK
NR
BB+ Negative
Cox Enterprises Inc
A3 Negative
A- Neg
Chain of hotels, i.e, Clarion, Comfort Inn, Extended Stay, et al
NR = No Rating Available
RATING UPGRADE
RATING DOWNGRADE
Barry S. Slatt Mortgage Co.
Alex Chenarides | Executive Director 11111 Santa Monica Boulevard | Suite 350 Los Angeles CA 90025
phone 562.225.2911 alexc@slatt.com www.slatt.com
STOCK
SYMBOL
MOODY’S
BOND
RATING
S & P LONG
TERM
SUBSIDIARIES OR TENANT NOTES
NON-RETAIL TENANTS (CONTINUED)
Perkin Elmer
PKI
Baa3 Negative
BBB Stable
Starwood Hotels & Resorts
HOT
Baa3 Stable
BBB- Stable
no public trade
Aa1 Stable
AA Stable
SYY
A1 Stable
A+ Neg
State Farm Life Insurance Co
Sysco Corp
Takeda Pharmaceutical Co. Ltd
TSE
Aa3 Stable
AA- Stable
Time Warner Inc.
TWX
Baa2 Stable
BBB Stable
Valero Energy Corp
VLO
Baa2 Stable
BBB Stable
Viacom Inc
VIA
Baa1 Stable
BBB+ Stable
Acquired by EG & G Inc. - March 2011
NR = No Rating Available
RATING UPGRADE
RATING DOWNGRADE
This data is for general information purposes only. Alex Chenarides and/or Barry Slatt Mortgage Company cannot be held
responsible for the accuracy of this information. All parties should verify details and ratings independently.
Barry S. Slatt Mortgage Co.
Alex Chenarides | Executive Director 11111 Santa Monica Boulevard | Suite 350 Los Angeles CA 90025
phone 562.225.2911 alexc@slatt.com www.slatt.com
Alex Chenarides | Executive Director
Barry Slatt Mortgage Co.
11111 Santa Monica Boulevard | Suite 350
Santa Monica CA 90025
phone 562.225.2911
alexc@slatt.com