Research Update: STORE Capital LLC Rated 'BBB-', Stable Outlook; Debt Ratings Lowered

STORE Capital LLC (formerly STORE Capital Corp.) was acquired by affiliates of GIC, a Singaporean wealth fund, and Oak Street Real Estate Capital, of the fund asset manager, Blue Owl Capital Inc., in an all-cash transaction valued at approximately $14.5 billion. S&P Global Ratings assigned its 'BBB-' issuer credit rating (ICR) to STORE Capital LLC. We also lowered our issue-level ratings on the unsecured senior notes of STORE Capital Corp. to 'BBB-' as the company will keep outstanding some of its debt despite its newly private ownership. We will transfer the debt ratings to STORE Capital LLC and 'NR' the ICR on the old entity (STORE Capital Corp.) shortly after the release of this publication. The stable outlook reflects our

...- STORE Capital LLC (formerly STORE Capital Corp.) was acquired by affiliates of GIC, a Singaporean wealth fund, and Oak Street Real Estate Capital, of the fund asset manager, Blue Owl Capital Inc., in an all-cash transaction valued at approximately $14.5 billion. - S&P Global Ratings assigned its '###-' issuer credit rating (ICR) to STORE Capital LLC. - We also lowered our issue-level ratings on the unsecured senior notes of STORE Capital Corp. to '###-' as the company will keep outstanding some of its debt despite its newly private ownership. We will transfer the debt ratings to STORE Capital LLC and '##' the ICR on the old entity (STORE Capital Corp.) shortly after the release of this publication. - The stable outlook reflects our expectation for healthy operating performance over the next two years as the company will be operating under the same business strategy as the legacy STORE Capital Corp. We forecast key credit metrics to deteriorate following the close of the transaction, given...

Research Update