Fitch affirms Vornado

Fitch Ratings said it affirmed the issuer default ratings and security level ratings of Vornado Realty Trust and its subsidiary Vornado Realty, LP as follows:

• Vornado Realty Trust's issuer default rating at BBB and perpetual preferred stock at BB+; and

• Vornado Realty, LP's issuer default rating at BBB; unsecured revolving credit facilities at BBB; senior unsecured notes at BBB; convertible senior unsecured notes at BBB; and exchangeable senior unsecured notes at BBB.

The outlook is stable.

According to Fitch, the rating affirmations are supported by a strong management track record, diverse portfolio of high quality assets, large unencumbered asset pool with strong coverage of unsecured debt, strong leasing profile, solid debt service coverage ratios, and manageable leverage.

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