S&P affirms Vornado

Standard & Poor's said it affirmed the BBB+ corporate credit ratings on Vornado Realty Trust and its subsidiary, Vornado Realty LP.

The outlook is stable/

The ratings and outlook acknowledge the strength and stability of cash flow that Vornado's profitable and well-positioned core real estate portfolio provides, as well as the company's currently excellent liquidity position, according to S&P.

These strengths mitigate concerns about relatively lower fixed-charge coverage measures resulting from dilutive development and opportunistic noncore investment activity, the agency said.

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