Moody’s revises Vornado views to negative

Moody’s said it revised the outlooks for Vornado Realty Trust and Vornado Realty LP to negative from under review.

“The challenges to reducing leverage against the backdrop of weak office leasing volumes and the difficult operating environment for New York City retail and Vornado Realty’s showroom business are the key considerations in the negative outlook,” Moody’s said in a press release.

The agency said it also confirmed Vornado Realty LP’s Baa2 senior unsecured ratings and Vornado Realty Trust’s Baa3 preferred stock concluding the review for downgrade initiated on July 15.

S&P alters Newmont view to positive

S&P Global Ratings revised its outlook on Newmont Corp. to positive from stable and affirmed its BBB long-term issuer credit and issue-level ratings.

The agency cited the increase in gold prices as a critical driver in the change.

“We estimate the company’s adjusted debt-to-EBITDA ratio at just below 1x in 2020, with further improvement in the following two years. Over this period, we assume the company’s earnings and cash flow generation will remain well above historical levels, accompanied by a material reduction in its net debt position,” S&P said in a press release.

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