Fitch affirms Vornado Realty

Fitch Ratings said it affirmed Vornado Realty Trust's issuer default rating at BBB and perpetual preferred stock at BB+, along with its subsidiary 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.

The 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, Fitch said.

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