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American Realty Capital Trust Inc. Dec 11
Standard & Poors, Dec 2011
Abstract
A well-occupied, mostly triple-net-leased portfolio; Improving debt protection measures; and Manageable near-term debt maturities. An external management structure; Limited seasoning as a company; and Slim dividend coverage. Our rating on American Realty Capital Trust (ARCT) reflects an aggressive financial risk profile and weak business risk profile. ARCT recently closed its initial public offering period (which launched on Jan. 25, 2008) and has completed the bulk of its expected portfolio investment activity. Going forward, we expect the company to operate with moderate leverage and improved debt protection measures. We also anticipate slim dividend coverage as ARCT positions itself for further modest growth and/or a potential liquidity event for its shareholders. In our view, ARCT's financial flexibility is currently limited by a...
Companies mentioned in this report are: American Realty Capital Trust Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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