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Moody’s ups iStar, facility, preferreds
Moody's Investors Service said it upgraded iStar Inc.'s senior unsecured and corporate family ratings to B1 from B2 following a meaningful improvement in the firm's liquidity position, strengthening capital adequacy metrics and the monetization of some land assets.
In the same action, the agency upgraded the firm's senior secured credit facility rating to Ba2 from Ba3 and the preferred stock rating to B3 from Caa1.
The outlook is stable.
“The ratings upgrade primarily reflects iStar's improved liquidity position in large part due to capital inflows from asset sales and extension of its debt maturity schedule,” Moody’s said in a news release.
“Modest yet steady pace of the monetization of its land assets is another important factor.
“However, the REIT's credit profile continues to be meaningfully influenced by the lack of growth in the core real estate lending and net lease segments and the still material operating asset and land bank portfolios.”
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