Fitch lifts iStar

Fitch Ratings said it has upgraded the following credit ratings for iStar Financial Inc.: issuer default rating to B from B-; 2012 senior secured tranche A-2 due March 2017 to BB/RR1 from B+/RR2; February 2013 secured credit facility due October 2017 to BB/RR1 from BB-/RR1; senior unsecured notes to B/RR4 from B-/RR4; convertible senior notes to B/RR4 from B-/RR4; and preferred stock to CCC/RR6 from CCC-/RR6.

In addition, Fitch said it has withdrawn the ratings on the 2012 senior secured tranche A-1 due March 2016 as this obligation has been paid in full.

According to the agency, the upgrade to B is driven by improvements in the company's leverage, continued demonstrated access to the capital markets and new sources of growth capital and material reductions in non-performing loans.

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