Moody's moves Vornado view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed Vornado Realty LP's Baa3 senior unsecured debt rating and the Ba1 preferred stock rating of its parent Vornado Realty Trust.

“The negative outlook reflects the potential for Vornado Realty's fixed charge coverage to decline meaningfully to the low 2x range over the next 12-18 months. In the same timeframe, we expect net debt to EBITDA to weaken and approach the mid-10x level. We will also closely monitor office properties valuations and transaction volumes to assess the REIT's capital access in 2024 and beyond,” Moody’s said in a press release.

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