Moody's rates iStar convertibles B3

Moody's Investors Service said it assigned a B3 rating to iStar Financial Inc.'s $175 million 1.5% unsecured convertible notes due November 2016.

At the same time, the agency affirmed iStar Financial's February 2013 senior secured credit facilities at B1, March 2013 senior secured credit facility tranche A-2 at B1, corporate family rating at B2, senior unsecured debt rating at B3 and preferred stock rating at Caa2. The rating outlook is positive.

Moody's said the rating is supported by iStar's strengthened credit profile and efforts to re-establish and grow its real estate finance business. Leverage (debt as a percentage of total equity, accumulated depreciation and general loan loss reserves) has improved to 2.3X as of the third quarter of 2013 versus 2.9X at the third quarter of 2012.

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