credit tenant ratings 3rd qtr 2015

Cody Charfauros, CRE Capital Markets 310-954-8205 │[email protected]

Barry Slatt Mortgage and Cody Charfauros are not responsible for the accuracy of this information. All parties

should perform their own due diligence. 1

Cody Charfauros, Commercial Mortgage Banker 310-954-8205 | [email protected]

TENANT CREDIT RATINGS

mailto:[email protected]


MOODY’S BOND

RATING

S & P LONG TERM

SUBSIDIARIES OR TENANT NOTES




Retail Tenant List

with Ticker Symbols and Credit Ratings Q3 2015

CREDIT TENANCY MOODY’S STANDARD & POOR Highest Quality Aaa AAA

High Quality Aa AA

Upper Medium Grade A A

Lower Medium Grade Baa BBB

Medium Grade Baa BBB

Non-Investment Grade Speculative Ba BB

Highly speculative B B

Substantial Risks Caa CCC

Extremely 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


MOODY’S BOND

RATING

S & P LONG TERM





NR= No Rating Available RW=Rating Widthdrawn

Rating Upgrade Rating downgrade

GROCERY STORES STOCK SYMBOL

MOODY’S BOND RATING

S & P LONG-TERM SUBSIDIARIES OR TENANT NOTES

Delhaize Group Baa3 Stable NR ***

Ingles IMKTA Ba3 Stable BB-Stable ***

Kroger Company KR Baa2 Stable BBB Stable Fred Meyer, Ralph’s, Smith’s Food & Drug, QFC, Food 4 less

Publix Super Markets, Inc. PUSH NR NR Crispers

Roundy’s Supermarkets Inc RNDY B2 Negative B- Pick n Save, Copps, Metro Market, Rainbow, Mariano’s

Ruddick Corp. RDK RW NR Harris Teeter

Safeway, Inc. SWY Baa3 PD BBB Negative Vons, Dominick’s, Carr-Gotttein, Randall’s, Genuardi’s, Pavillion’s

Smart & Final Holding Corp Private RW B Stable Smart Foodservice Cash & Carry, Sun Harvest, Henry’s

Spartan Stores SPTN RW NR D&W Fresh Markets, Family Fare Supermarkets, Glen’s Markets

SuperValu, Inc. SVU B3 Positive B+ Stable Albertson’s, Richfood, Cub Foods, Farm Fresh, Savon/Osco

Tesco, plc TSCO-LN Baa2 Stable

BBB+ Negative Fresh & Easy

Walmart Stores, Inc. WMT Aa2 Stable AA Stable Sam’s Clubs, Neighborhood Markets, Wal Mart SuperCenter

Weis Markets, Inc. WMK NR NR Superpetz

Whole Foods Market, Inc. WFMI RW BBB-Stable Nature’s Heartland, Food for Thought, Wild Oats

Winn Dixie WINN RW NR Winn & Lovett, Thrifty Maid

DRUG STORES STOCK SYMBOL



Rite Aid RAD B2 Stable B Stable ***

Walgreen Co. WAG Baa1 Stable BBB Stable ***

CVS Corporation CVS Baa1 Stable BBB+ Stable Arbor, merged w/ Caremark, acq. Eckerds renaming to CVS


MOODY’S BOND

RATING

S & P LONG TERM





DEPARTMENT STORES/ APPAREL RETAILERS

STOCK SYMBOL



American Apparel APP Caa2 Negative CCC ***

Brown Shoe Company BWS B1 Stable B+ Stable Famous Footwear, Naturalizer, Buster Brown

Burlington Northern Santa Fe BNI A3 Stable BBB+ Positive ***

Cato’s CTR NR NR Cat’s, It’s Fashion

Charming Shoppes Inc. CHRS RW NR Lane Bryant, Fashion Bug, Catherine + Sizes, Petite Sophisticate

Chico’s CHS NR NR Soma Inimates

Collective Brands Inc PSS B2 Negative NR Payless Shoe Source, The Stride Rite Corp

Dillard’s Inc DDS Ba1 BB= ***

Dress Barn DBRN NR NR Maurice’s Brands

Gap, Inc. GPS Baa3 BBB Banana Republic, Old Navy, Gap, Piperlime

Gottschalks GOT NR NR ***

J. Crew JCG B1 B ***

JC Penney JCP Caa2 B ***

Jo-Ann Stores, Inc. JAS Caa1 B ***

Jos.A.Bank JOSB NR NR ***

Kohl’s Corporation KSS Baa1 BBB+ ***

Kenneth Cole CKP NR NR ***

L Brands Inc LB Ba1 BB- Former name: Limited Brands Inc.

Macy’s, Inc. M Baa3 BBB+ Bloomingdales

Men’s Wearhouse MW NR NR K&G Men’s Center

Nordstrom JWN Baa1 A- Stable ***

Ralph Lauren Corp. RL A3 A Stable Former name: Polo Ralph Lauren Corp.

Retail Ventures Inc RVI NR NR DSW Shoe Warehouse (Ticker DSW) Filene’s Basement, Value City

Saks Inc. SKS RW RW Acquired by Hudson’s Bay Co. – Nov. 2013

Sears Holdings SHLD CCC+ Sears, K-mart, Orchard Supply Hardwar

Shoe Carnival SCVL NR NR ***

Shoe Pavilion SHOE NR NR BK Filed


MOODY’S BOND

RATING

S & P LONG TERM





DEPARTMENT STORES/ APPAREL RETAILERS

STOCK SYMBOL



Talbot’s Inc. TLB NR NR J. Jill

Target Corporation TGT A2 Stable A Super Target, Target

The Bon Ton Stores BONT B3 Stable B-Stable Bon-Ton, Bergner’s, Boston Store

Tuesday Morning TUES NR NR ***

Urban Outfitters URBN NR NR ***

DISCOUNT RETAILERS STOCK SYMBOL



99 Cents Only Stores NDN B2 B ***

Big Lots BIG NR BBB- ***

Costco Wholesale COST A1 A+ Stable ***

Dollar General DG Baa3 BBB- ***

Dollar Tree Stores DLTR NR NR ***

Family Dollar Stores FDO Baaa3 BBB- ***

Fred’s Inc. FRED NR NR Fred’s Pharmacy

Ross Stores Inc. ROST NR A- Stable Ross Dress for Less, DD’s Discounts

TJX Cos, Inc. TJX A3 A+ Marshall’s, Homegoods, Winners, A. J. Wright, Bob’s Stores

OTHER RETAIL STOCK SYMBOL



Aaron Rents RNT NR NR Aaron’s Rents, Aaron’s Corporate Furnishings, Rimco

Advance Auto Parts AAP Baa3 Stable BBB- Stable Discount Auto Parts, Western Auto

Advance Micro Devices AMD NR B Negative Develops computer processors

Alberto-Culver Co. ACV NR NR Beauty/Personal care products; now a part of Unilever Grp

Amazon.Com Inc. AMZN Baa1 Stable AA- Stable ***

AT&T T A3 RUR A- Stable ***

AutoZone, Inc. AZO Baa1 Stable BBB Stable Auto Palace, Truckpro, Chief Auto Parts


Cody Charfauros 310-954-8205 │[email protected]

Barry Slatt Mortgage and Cody Charfauros are not responsible for the accuracy of this information. All parties should perform their own due diligence. 6




Bally Total Fitness BFTH NR NR *Ratings withdrawn 2-07

Bed Bath & Beyond, Inc. BBBY Baa1 Stable BBB+ Stable ***

Bellsouth Corp BLS RW NR Subsidiary of AT&T Inc.

Best Buy Company, Inc. BBY Baa2 Stable BB Stable Geek Squad, Magnolia Audio Video, Pacific Sales

Big 5 Sporting Goods BGFV NR NR ***

BJ’s Wholesale Club BJ NR B1 Stable ***

Blockbuster Entertainment BBI NR BK Blockbuster Video, Blockbuster.com

Borders Group, Inc. BGP NR NR ***

Bridgestone Corp BRDCY A2 Stable NR ***

Cinemark USA Inc. CNK B1 Stable BB-Stable Century Theaters, CineArts Tinseltown

Citi Trends CTRN NR NR Citi Trends Fashion for Less

Cost Plus CPWM NR NR Cost Plus World Markets

CSK Corp CAO NR NR Check Auto, Kragens, Schuck’s Audo

Dick’s Sporting Goods DKS NR NR ***

Federal Express FDX Baa1 Stable BBB Stable Fed Ex/Kinko’s, renamed to Fed Ex Office

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 Positive BB- Positive ***

H&R Block HRB NR BBB Negative ***

Home Depot, Inc. HD A2 Stable A Stable ***

L.A. Fitness LFS NR NR ***

Lowe’s Companies, Inc. LOW A3 Stable A- Stable ***

MetroPCS Wireless N/A NR NR ***

Nike NKE A1 Stable AA- Stable ***

Office Depot, Inc. ODP B2 Stable B- Stable Viking Office Products

Office Max OMX B3 NR Copy Max, Boise Cascade Corp.

Petsmart PETM RW BB+ Stable Moody’s Ratings Withdrawn on 11-07

Pier 1 Imports PIR RW B+ Stable Moody’s Ratings Withdrawn on 8-07

Radio Shack RSH Caa2 Negative CCC Negative ***

Regal Entertainment Group RGC B1 Stable B+ Stable Regal Cinema’s, United Artists Theaters, Edwards Theaters

Rent A Center Inc. RCII Ba3 Negative BB Negative ***

Seven-Eleven SE Baa1 Stable AA- Stable Indirect subsidiary of Seven & I Holdings, Japan







Sherwin-Williams Company SHW A3 Stable A Stable ***

Shell Oil Co RDS Aa2 Stable AA Stable ***

Skechers SKX NR NR ***

Sonic Automotive Inc. SAH Ba3 Stable BB Stable ***

Sports Chalet SPCHA NR NR ***

Sprint Communication Inc S Ba2 Stable BB- Stable Embarq- spin off of local carriers. Ticker EQ, BBB- Stable

Staples, Inc. SPLS Baa2 Stable BBB- Stable Quill Corp

Toys R Us TOY B3 Negative B- Stable ***

Tractor Supply Company TSCO NR BB- Stable *** American Builders & Contracters Supply Co.

Verizon Communications VZ Baa1 Stable BBB+ Stable ***

BANKS/FINANCIAL INSTITUTIONS

STOCK SYMBOL



Bank of New York Mellon BK Aa2 Stable AA- Stable ***

BB & T BBT A2 Stable A- Stable ***

Barclays Bank PLC BCS A2 Negative A- Negative

Bank of America BAC Baa2 Stable A Negative ***

Branch Banking & Trust Co. BBT A2 Stable A- Stable

Capital One Bank COF A3 Stable BBB+ Stable ***

Citibank NA C A2 Stable A Stable

Citigroup Inc. C Baa2 Stable A- Negative ***

City National Bank CYN A2 Stable A- Stable

Commerce Bank NA CBSH Aa3 Stable A Stable

Compass Bank CBSS Baa2 Stable BBB- Stable ***

Fifth Third Bancorp FITB Baa1 Stable BBB+ Stable

HSBC Bank USA HBC A1 Stable AA- Negative ***

Lloyds Bank Group PLC LLOY A2 Negative A- Negative

JP Morgan Chase Bank NA JPM Aa3 Stable A+ Stable

JP Morgan Chase & Co JPM A3 Stable A Negative ***

M & T Bancorp MTB A3 Negative A- Negative ***

National City Bank, OH NCC A2 Stable NR ***

PNC Bank PNC A2 Stable A Stable

RBC Bank USA RY NR NR Acquired by PNC Bank




BANKS/FINANCIAL INSTITUTIONS

STOCK SYMBOL



Santander Bank, NA SOL Baa1 Stable BB Negative Previous Name: Sovereign Bank

Suntrust Bank STI A3 Stable BBB+ Positive

TD Bank TD Aa3 Stable AA- Stable ***

MUFG Union Bank, NA UB A2 Negative NR Previous name: Union Bank

U.S. Bancorp. USB A1 Stable A+ Stable

Wachovia Bank, NA WB A2 Stable NR Previous name: First Union Corp

Wells Fargo Bank WFB Aa3 Stable AA- Stable ***

Zions Bancorporation ZION Ba1 Stable BBB- Stable ***

RESTAURANTS (CORPORATE-BACKED)

STOCK SYMBOL



BJ’s Restaurants, Inc. BJRI NR NR ***

Dairy Queen DQ NR NR Wholly owned subsidiary of Berkshire-Hathaway

Bob Evans Farms, Inc. 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

Buffalo Wild Wings, Inc. BWLD NR NR ***

Burger King Corp BKC B3 Stable B+ Positive ***

California Pizza Kitchen CPKI B3 Negative B- Negative ***

Carrol’s Restaurant Group TAST B3 Stable B- Stable Taco Cabana, Carrow’s, Pollo Tropical and Burger King Franchisee

CBRL Group, Inc. CBRL RW NR Cracker Barrel

CEC Entertainment, Inc. CEC NR NR Chuck E. Cheese’s Pizza

The Cheesecake Factory CAKE NR NR ***

CKE Restaurants CKR RW B- Stable Carls Jr. - Green Burrito, Hardee’s - Red Burrito, La Salsa

Darden Restaurants, Inc. DRI Baa3 RUR BBB WD Red Lobster, Olive Garden, Bahama Breeze, Longhorn Steakhouse

DineEquity, Inc DIN B2 Stable B Stable Applebee’s, International House of Pancakes




RESTAURANTS (CORPORATE-BACKED)

STOCK SYMBOL



Denny’s Corp DENN RW NR ***

Domino’s Pizza DPZ RW NR ***

Einstein Noah Restaurant Gp BAGL RWWW B+ Stable Noah’s Bagels, Manhattan Bagel, New World Coffee

El Pollo Loco Private B3 Stable B- Stable

Frisch’s Restaurants FRS NR NR Big Boy, Golden Corral

Jack In The Box, Inc. JACK RW NR JBX Grill, Qdoba Mexican Grill, Quick Stuff

Landry’s Restaurants LNY B2 Stable B Stable Cadillac Bar, Chart House, Fisherman’s Wharf, The Crab House

McDonald’s Corporation MCD A2 Stable A Stable ***

Morton’s Restaurant Group MRT RW NR ***

O’Charley’s CHUX RW NR ***

OSI Restaurant Partners OSI B1 Positive BB- Positive Outback Steakhouse, BoneFish Grill, Flemmings, Carrabba’s, etc.

Panera Bread Company PNRA RW NR St. Louis Bread

Papa John’s International Inc PZZA NR NR Papa John’s Pizza

Perkins & Marie Calendar’s PMCI RW NR Perkins, Marie Calendar’s

P. F. Chang’s China Bistro PFCB B2 Negative NR Pei Wei, Taneko Japanese Tavern

Rare Hospitality International RARE RW NR Longhorn Steakhouse, Capital Grille

Red Robin Gourmet Burgers RRGB NR NR ***

Rubio’s Restaurants RUBO NR NR Rubio’s

Ruby Tuesday, Inc. RT B2 Stable NR Ruby Tuesday’s

Sonic Corporation SONC RW NR Sonic Burger

Starbucks Corporation SBUX Baa1 Positive A- Stable Starbucks Hear Music

Texas Roadhouse, Inc TXRH NR NR ***

Wendy’s/Arby’s Group WEN RW B+ Stable New Wendy’s / Triarc-Arby’s Merger

Yum! Brands, Inc. YUM Baa3 Stable BBB Stable Pizza Hut, Taco Bell, KFC, Long John Silvers, A&W




NON-RETAIL TENANTS STOCK SYMBOL



Allstate Corp. ALL A3 Stable A- Stable

Chevron Corp CVX Aa1 Stable AA Stable

Choice Hotels Int’l. Inc. CHH Baa3 Negative BB+ Stable Chain of hotels, i.e, Clarion, Comfort Inn, Extended Stay, et al

Conoco Phillips Co COP A1 Stable A Stable

Cox Communications Inc COX Baa2 Stable BBB Stable

Cox Enterprises Inc CSMOILO Baa2 Stable BBB Stable Previous Name: Cox Broadcasting Co.

Exxon Mobil Corp XOM Aaa Stable AAA Stable

General Electric Co GE Aa3 Stable AA+ Stable

General Electric Capital Corp GE Aa3 Stable AA+ Stable Previous Name: GE Financial Services, Inc.

Glaxosmithkline PLC GSK A1 Stable A+ Stable

Indiana Gas Co Inc VVC A3 RUR A- Stable

Marriott Int’l Inc MAR Baa2 Stable BBB Stable

Michael Stores Inc MIK B3 Stable B Positive

Motorola Solutions Inc MOT Baa2 Stable BBB Stable

New Cingular Wireless Serv. AWE RW NR

Nokia oyj NOK B1 B+ Stable

Perkin Elmer Inc. PKI Baa3 Stable BBB Stable Acquired by EG & G Inc. – March 2011

Starwood Hotels & Resorts HOT Baa2 Stable Stable BBB Stable

State Farm Life Ins. Co N/A Aa1 Stable AA Stable

Sysco Corp. SYY A1 RUR A Negative

Takeda Pharmaceutical Co. TACHEM B3 Stable B Positive

Time Warner Inc. TWX Baa2 RUR BBB Stable

Valero Energy Corp. VLO BAA2 Stable BBB Stable

Viacom Inc. VIA.B Baa2 Stable B+ Stable


Cody Charfauros, Commercial Mortgage Banker

Barry Slatt Mortgage Co.

11111 Santa Monica Boulevard, Suite 350

Santa Monica CA 90025

310-954-8205 | [email protected]


credit tenant ratings 3rd qtr 2015

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