Fitch rates Vornado preferreds BBB-

Fitch Ratings said it assigned a BBB- rating to the recent offering of $150 million 6.75% series F perpetual preferred securities issued by Vornado Realty Trust.

The net proceeds from this offering are to be utilized for general corporate purposes.

Fitch also affirmed the ratings at BBB for the $950 million outstanding senior unsecured notes due 2007 to 2010 issued by Vornado Realty LP, the operating partnership of Vornado Realty Trust, and BBB- for the company's outstanding preferred stock. The outlook is stable.

The ratings continue to be supported by a quality unencumbered asset pool, which generates earnings before interest, taxes, depreciation and amortization, that Fitch estimates to cover unsecured interest expense by 7.7x.

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