S&P rates Vornado Realty notes BBB

Standard & Poor's said it assigned a BBB rating to the $500 million 4.25% senior unsecured notes due April 1, 2015 to be issued by Vornado Realty LP, a subsidiary of Vornado Realty Trust.

The new notes will rank pari passu with the companies' existing senior unsecured notes and will be governed by similar financial covenants, S&P said.

Vornado will use proceeds for general corporate purposes, including the repayment of debt. The proposed issuance does not affect the BBB+ corporate credit ratings on Vornado and its subsidiary, the agency said, nor does it affect the stable outlook on either company.

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