Moody's affirms Vornado

Moody's Investors Service said it affirmed the senior debt rating of Vornado Realty Trust at Baa2.

The outlook is stable.

The rating reflects the REIT's prudent management of liquidity and funding, with high line of credit availability each quarter for several years, Moody's said.

Vornado has one of the strongest liquidity profiles in the REIT sector with $620 million of cash and $2.8 billion in credit facilities, Moody's said.

These credit strengths are counterbalanced by its high effective leverage, Moody's added.

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