S&P: Vornado view up to stable

Standard & Poor's said it revised its outlook on Vornado Realty Trust and its subsidiary, Vornado Realty LP, to stable from negative to reflect better-than-expected operating performance and lower debt levels.

The agency said it also affirmed its BBB+ corporate credit ratings on the two companies, as well as the ratings on the companies' senior unsecured notes and preferred stock.

The ratings are supported by the stable cash flow provided by the REIT's core portfolio of well-located office and retail properties, S&P said.

The stable outlook reflects the steadier-than-anticipated cash flow from Vornado's core real estate and the good progress that it's made toward reducing leverage and addressing some of its near-term maturity risk.

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