Fitch assigns Vornado Realty preferreds BB+

Fitch Ratings said it assigned a credit rating of BB+ to the $300 million of 5.7% series K preferred stock issued by Vornado Realty Trust.

Net proceeds from the offering are expected to be used general corporate purposes, which may include the redemption of higher dividend preferred stock or units, the agency said.

The issuance will have no impact on the company's leverage and will result in a negligible improvement in fixed charge coverage assuming the redemption of a similar amount of preferred stock or units, Fitch stated.

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