S&P affirms Vornado

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

At the same time, the agency said it affirmed its ratings on about $4.4 billion of rated securities.

The outlook is stable.

"Vornado's superior liquidity profile is a key rating support at this challenging point in both the credit and real estate cycles," said credit analyst James Fielding.

"The company currently maintains a larger cash balance and greater committed borrowing capacity relative to other peers. Vornado also owns a competitively positioned portfolio of offices and shopping centers that should provide relatively stable cash flow even as demand for commercial real estate weakens. That being said, coverage measures are weak relative to similarly rated peers."

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