Fitch rates Vornado Realty preferreds BB+

Fitch Ratings said it assigned a BB+ rating to the new $175 million of 6.875% series J preferred stock issued by Vornado Realty Trust.

The proceeds will be contributed to Vornado Realty, LP in exchange for preferred units of the operating partnership.

The proceeds will be used for general business purposes, which may include payment of the redemption or repurchase price for preferred stock and units, Fitch said.

Vornado Realty Trust has an issuer default rating of BBB and preferred stock rating of BB+.

Vornado Realty has an issuer default rating of BBB, unsecured bank credit facilities rating of BBB and senior unsecured notes rating of BBB.

The outlook is stable.

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