NEW YORK (AP) -- Credit ratings agency Standard & Poor's on Wednesday raised its corporate credit rating on Realty Income Corp.
The real estate investment trust, which owns and manages single-tenant retail properties, has maintained a diversified portfolio of properties and maintained high occupancy levels and steady performance throughout the financial downturn, S&P said.
S&P raised the corporate credit rating one notch in investment-grade territory to "BBB+" from "BBB," indicating the company has adequate capacity to meet financial commitments. The outlook is stable.
It also raised its senior unsecured debt ratings one notch to "BBB+" and ratings on preferred stock a notch to "BBB-."
Shares fell $1.15, or 2.6 percent, to $43.54 in afternoon trading. The stock has traded between $37.33 and $55.48 in the last 52 weeks.