Moody's Investors Service announced today that it had assigned a Baa2 issuer rating to Agree Realty Corporation (ADC) with a stable outlook.  The agency cited Agree Realty's "conservative and disciplined approach to leverage" and "good quality net lease portfolio" that is expected to generate stable cash flows.  Moody's also noted that approximately 46% of ADC's base rent is generated by investment-grade tenants.  The rating is constrained by ADC's relatively small size relative to net-lease peers, tenant concentration with Walgreens, and geographic concentration with properties located in Michigan representing approximately 13% of rental revenues.