Fitch affirms Vornado

Fitch Ratings said it affirmed Vornado Realty Trust's issuer default rating at BBB and perpetual preferred stock at BB+, along with Vornado Realty, LP's issuer default rating at BBB, unsecured revolving credit facilities at BBB, senior unsecured notes at BBB, convertible senior unsecured notes at BBB and exchangeable senior unsecured notes at BBB.

The outlook is stable.

The affirmations are supported by a large investment portfolio of high quality assets, solid leasing profile, good financial flexibility, including a large unencumbered asset pool with strong coverage of unsecured debt, solid fixed-charge coverage ratios and manageable leverage, Fitch said.

Vornado maintains sizable portfolios of properties in the New York and Washington D.C. areas, which have exhibited better supply/demand fundamentals during the current cycle than many other U.S. metropolitan areas, the agency said.

Investment activity in these markets has remained strong during the past two years, providing contingent liquidity to the company, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.