Moody's lifts TriNet notes from junk

Moody's Investors Service said it upgraded its rating on the 7.95% senior unsecured notes of TriNet Corporate Realty Trust Inc. to Baa3 from Ba1 due to TriNet's merger with and into its parent, iStar Financial Inc., and the resulting direct obligation of these senior notes by iStar.

Moody's also has withdrawn the ratings of the 7.7% senior unsecured notes due 2017 of TriNet as a result of the completed exchange offer for these notes by iStar. iStar exchanged its 5.7% series B senior notes due 2014 for virtually all of TriNet's outstanding 7.7% senior notes and redeemed the remaining principal balance for cash.

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