Fitch rates Vornado notes BBB

Fitch Ratings said it assigned a BBB rating to the $500 million of 4¼% senior unsecured notes due April 1, 2015 issued by Vornado Realty, LP, the operating partnership of Vornado Realty Trust.

The outlook is stable.

Proceeds will be used for general corporate purposes.

Ratings are supported by the company's large, high quality portfolio of investments, a solid leasing profile with laddered lease maturities, large unencumbered asset pool, solid debt service coverage ratios and manageable leverage, the agency said.

Credit concerns include geographic concentration in the portfolio, challenging operating fundamentals and management appetite for investments with less predictable returns, the agency noted.

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