Credit Ratings play a large role in the net lease world. A property backed by a tenant with investment grade credit will demand a premium from investors. Some of the most well known investment grade net lease tenants include McDonald’s, Walgreen’s and CVS. There are also many popular net lease tenants who are privately owned and have no credit rating. Tenants such as Wawa and Chick-fil-A are good examples of this. Even though tenants such as these have no public credit rating, their excellent reputation still commands low cap rates. 

For a list of credit ratings and analysis for both rated and unrated tenants view the new Quarterly Credit Rating Report