Top NNN Tenants Ranked by Credit Rating: What Investors Need to Know in 2026

In the world of net lease investing, not all tenants are created equal. While cap rates and lease terms matter enormously, the single most important factor determining the long-term stability of a NNN investment is the creditworthiness of the tenant signing the lease. As the net lease market finds its footing in 2026 following an extended period of cap rate expansion, investor attention has shifted back to fundamentals — and tenant credit quality sits at the top of that list.

Why Credit Ratings Matter in Net Lease Investing

A NNN lease transfers most property-level responsibilities — taxes, insurance, and maintenance — directly to the tenant. This structure makes the investment behave more like a bond than traditional real estate. Just as a bond investor scrutinizes the issuer’s credit rating before committing capital, a net lease investor must evaluate the financial strength of the company obligated under the lease. Investment-grade tenants carry credit ratings of BBB- or higher from S&P (or the equivalent from Moody’s), signaling a lower probability of default and a more predictable income stream over the life of the lease.

For investors seeking passive, long-term income, understanding where your tenant falls on the credit spectrum is not optional — it is essential due diligence.

Top NNN Tenants by Credit Rating in 2026

The following represents a tiered overview of some of the most commonly traded NNN tenant categories, organized by general credit strength. While ratings fluctuate over time, these tiers reflect broadly recognized standings heading into mid-2026.

Tier 1: Highest Investment-Grade Tenants (A-Rated and Above)

Dollar General — Consistently rated investment-grade, Dollar General remains one of the most actively traded NNN tenants in the country, with thousands of locations across rural and suburban markets.
Walgreens / CVS — Both pharmacy chains carry investment-grade ratings, though both have faced headwinds from store rationalization strategies in recent years. Long-term leases on retained locations continue to attract net lease buyers.
McDonald’s — One of the strongest corporate credit profiles in the QSR (quick-service restaurant) space, McDonald’s ground leases are among the most coveted NNN assets available.
7-Eleven — The world’s largest convenience store operator maintains a strong credit profile, and its NNN locations trade at highly competitive cap rates reflective of that quality.

Tier 2: Solid Investment-Grade Tenants (BBB-Rated)

Starbucks — Rated investment-grade, Starbucks drive-thru locations have become a staple of NNN portfolios targeting strong retail corridors.
AutoZone / O’Reilly Auto Parts — Both auto parts retailers carry BBB investment-grade ratings and have demonstrated remarkable recession resilience, making them perennial favorites among 1031 exchange buyers.
Dollar Tree / Family Dollar — While the parent company has navigated operational restructuring, its investment-grade status continues to support transaction volume across NNN dollar store assets.

Tier 3: Sub-Investment-Grade (Below BBB-) — Higher Yield, Higher Risk

Various Regional Restaurant and Retail Operators — Tenants without investment-grade ratings typically command higher cap rates as compensation for elevated default risk. Franchisee-guaranteed leases fall into this tier regardless of franchisor credit strength.

Balancing Yield Against Credit Quality in Today’s Market

As cap rates across the net lease sector show signs of stabilization in 2026 following more than two years of upward pressure, investors are recalibrating their strategies. Investment-grade tenants naturally compress cap rates — meaning lower initial yields — but the tradeoff is durability of income and enhanced liquidity when it comes time to sell. Sub-investment-grade deals may offer 50 to 150 basis points of additional yield, but that premium evaporates quickly if a tenant closes locations or enters financial distress.

Experienced net lease investors often build diversified portfolios that blend high-credit-quality anchors with select higher-yielding opportunities, carefully vetting the latter for lease term, location strength, and operator track record.

The Bottom Line

Tenant credit rating is the foundation upon which every NNN investment thesis is built. Whether you are a first-time investor structuring a 1031 exchange or an institutional allocator building a net lease portfolio, understanding the credit hierarchy of available tenants is non-negotiable. In 2026’s stabilizing market environment, the investors who will perform best are those who align credit expectations with yield requirements — and do so with clear eyes.

Triple Net Direct provides investors with the data, deal flow, and market intelligence needed to make informed net lease decisions at every point in the market cycle.

Sources

S&P Global Ratings — Corporate Credit Ratings Database (https://www.spglobal.com/ratings)
Moody’s Investors Service — Ratings & Research (https://www.moodys.com)
CoStar Group — Net Lease Market Analytics (https://www.costar.com)
CBRE — U.S. Net Lease Investment Report 2026 (https://www.cbre.com)
Boulder Group — Net Lease Research Reports (https://www.bouldergroup.com)