I’ve spent the past few months mapping how net lease REITs sit relative to the BBB- investment-grade cliff — who has buffer, who doesn’t, and what separates a stable floor from a trap door. Most of the time, the tension is between what the company earns and what the rating agencies see.With VICI Properties Inc (NYSE:VICI) , there’s no tension at all. S&P says BBB-. Fitch says BBB-. Moody’s, after upgrading from Ba1 in November 2024, says Baa3. Three agencies, three opinions, one conclusion: this $30 billion ...