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S&P reviews Vornado Realty Trust
S&P said it placed all of its ratings on Vornado Realty Trust on CreditWatch with negative implications.
"The CreditWatch placement follows Vornado's announcement that it has entered a definitive agreement to spin-off its Washington, D.C., business segment and merge it with the management business and select properties managed by JBG. The tax-free spin-off is expected to close in the second quarter of 2017," S&P credit analyst Anita Ogbara said in a news release.
"The CreditWatch placement reflects our view of the possible impact of Vornado's reduced geographic diversity pro forma for separation of the D.C. assets. Following the spin-off, Vornado will be geographically concentrated, generating almost 90% of its EBITDA from high-quality office and retail assets in New York City. In early 2015, Vornado spun-off its strip mall assets into Urban Edge Properties and distributed its value to its shareholders."
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