STORE Capital LLC Ratings Affirmed On Improved Debt Leverage; Outlook Stable

STORE Capital LLC's debt leverage improved, falling below 6x in recent quarters with fixed-charge coverage in the mid-2x area. We affirmed our 'BBB-' issuer credit rating on STORE and 'BBB-' issue-level rating on its senior unsecured notes. The stable outlook reflects our expectation for sound operating performance and leverage-neutral growth, with debt to EBTIDA remaining in the high-5x area and fixed-charge coverage in the mid-2x area as the company works to address its upcoming debt maturity ladder and diversify its capital structure. SAN FRANCISCO (S&P Global Ratings) Dec. 20, 2024--S&P Global Ratings today took the rating actions listed above. The company's 2.6x fixed-charge coverage remains lower relative to historic levels driven by higher interest expense and amortization within its capital

...December 20, 2024 - STORE Capital LLC's debt leverage improved, falling below 6x in recent quarters with fixed-charge coverage in the mid-2x area. - We affirmed our '###-' issuer credit rating on STORE and '###-' issue-level rating on its senior unsecured notes. - The stable outlook reflects our expectation for sound operating performance and leverage-neutral growth, with debt to EBTIDA remaining in the high-5x area and fixed-charge coverage in the mid-2x area as the company works to address its upcoming debt maturity ladder and diversify its capital structure. SAN FRANCISCO (S&P Global Ratings) Dec. 20, 2024--S&P Global Ratings today took the rating actions listed above. STORE deleveraged its balance sheet over the past several quarters, which we view favorably. STORE's S&P Global Ratings-adjusted debt to EBITDA was 5.8x for the trailing-12-month period ending Sept. 30, down from 6.3x the prior year trailing-12-month period. This improvement is largely driven by EBITDA growth from acquisitions...

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