- Global Net Lease (GNL, Financial) receives a corporate credit rating upgrade from S&P Global to BB+ from BB.
- Unsecured notes are elevated to investment-grade BBB- from BB+following a $1.8 billion portfolio sale.
- The streamlined portfolio features high occupancy, diversified leases, and minimal near-term expirations.
Global Net Lease, Inc. (GNL), announced a significant upgrade in its corporate credit rating by S&P Global, moving up to BB+ from a previous BB. Additionally, the issue-level rating on GNL's unsecured notes saw a boost to an investment-grade BBB- from BB+. This upgrade comes in the wake of a successful $1.8 billion sale of GNL's multi-tenant portfolio, significantly reducing the company's debt.
Following the divestment, GNL now boasts a more streamlined portfolio comprising diversified, long-term triple-net leases. The portfolio is characterized by a wide tenant base, minimal near-term lease expirations, and high occupancy rates, reinforcing its strong operational metrics.
CEO Michael Weil expressed confidence in the company's future, stating, "S&P's upgrade of our credit ratings is a testament to our strategic actions in strengthening GNL's financial foundation." He further emphasized the company's commitment to further leverage reduction and lowering capital costs, projecting continued financial strengthening in the latter half of 2025 and beyond.
