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Moody’s ups iStar notes, loan, preferreds
Moody's Investors Service said it upgraded iStar Financial Inc.'s senior unsecured rating to B2 from B3 as a result of the REIT's portfolio quality and operating performance improvement.
In the same action, the agency upgraded the senior secured credit facility rating to Ba3 from B1 and the preferred stock rating to Caa1 from Caa2.
iStar Financial's corporate family rating was affirmed at B2.
The outlook was revised to stable from positive.
Moody’s said iStar's senior unsecured debt, secured credit facility and preferred stock ratings were upgraded as the firm's operating performance and financial metrics have improved in the last three quarters. A stable net lease portfolio, increased opportunities in the lending segment and selective monetization of operating assets are some factors contributing to the improved performance.
The company's near-term liquidity situation is strong with $653 million of cash available, as of Sept. 30, relative to the $106 million of debt maturities through year-end 2015, the agency said.
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