Fitch affirms iStar Financial ratings

Fitch Ratings said it affirmed iStar Financial Inc.'s BBB- senior unsecured debt rating and BB preferred stock rating.

The outlook is stable.

Fitch said iStar's rating strengths focus on its capitalization, solid historic asset quality measures, and consistently improving funding and liquidity profile. Other strengths are centered on iStar's structuring acumen, liquidity management, and operating cash flow.

Credit statistics for the company's credit tenant lease (CTL) and mortgage lending assets remain sound. The remaining weighted average CTL maturity is now 9.9 years, up from 9.4 years at year-end 2002. The last dollar loan-to-value of mortgage lending originations also improved in 2003 to 67.5% from 68.4% in 2002.

In 2003 and year-to-date in 2004, iStar has continued to make significant strides toward its goal of becoming a predominantly unsecured borrower and unencumbering its balance sheet. Since December 2003, iStar has raised about $1 billion net of unsecured capital with proceeds largely used to repay secured debt or to refinance higher cost existing unsecured obligations.

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