iStar Financial Announces Moody's Credit Ratings Upgrades
NEW YORK, Oct. 4, 2012 /PRNewswire/ -- iStar Financial Inc. (SFI) announced today that Moody's Investors Service upgraded iStar's corporate family rating to B2 from B3. In addition, Moody's assigned a B1 rating to the Company's proposed $1.8 billion senior secured term loan and upgraded the A-1 and A-2 tranches of the Company's 2012 senior secured facilities to Ba3 and B1, respectively. Moody's also raised the ratings on iStar's senior unsecured credit rating to B3 as well as all series of iStar's Preferred Stock to Caa2.
The Company also announced that Standard & Poor's affirmed iStar's long-term issuer credit rating of B+, and at the same time assigned a BB- rating on the proposed senior secured term loan.
"We are pleased to see the rating agencies recognize the significant progress iStar has made on achieving our stated goals. Our strategy for managing our liabilities has been to strengthen liquidity, delever the balance sheet and better align the maturities of our debt with our assets," said David DiStaso, iStar's chief financial officer. "Moody's B2 corporate rating and B1 rating on our proposed facility, along with Standard and Poor's B+ issuer credit rating and BB- rating on our proposed facility, reflect the successful execution of this strategy."
* * *
iStar Financial Inc. is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust ("REIT"), has invested more than $35 billion over the past two decades. Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.
SOURCE iStar Financial Inc.