Moody's ups National Retail

Moody's Investors Service said it upgraded the senior unsecured debt ratings of National Retail Properties, Inc. to Baa2 with a stable outlook.

The stable outlook reflects the company's commitment to its rating as demonstrated through increased asset size, improved tenant diversification and stronger credit metrics, Moody's said.

The rating is supported by the stable cash flow, staggered lease expiration schedule, strong balance sheet, minimal use of secured debt and moderately strong fixed charge coverage ratio, the agency said.

These strengths are offset by meaningful concentrations in Texas and Florida, and the primarily non-investment grade nature of tenants, Moody's noted.

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