Fitch to up iStar

Fitch Ratings said it expects to upgrade iStar Financial Inc.'s issuer default rating to B- from C upon the successful completion of iStar's recently announced proposed senior secured credit facilities transaction.

Fitch expects to rate the new senior secured credit facilities several notches above the issuer default rating, given that the new credit facilities would be secured by a first lien on a collateral pool comprised primarily of performing loans and corporate tenant lease assets

The expected upgrade is based on iStar's improved liquidity profile, pro forma for the expected refinancing that would extend certain of the company's debt maturities, relieving the overhang of significant secured loan facility maturities in June 2011 and June 2012, the agency said.

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