Fitch affirms Vornado Realty

Fitch Ratings said it affirmed the ratings of Vornado Realty Trust, Inc. and Vornado Realty, LP, including the long-term issuer default ratings at BBB.

The outlook is stable.

“The company is a large and established REIT, well known to equity investors, but less active in the public unsecured bond market due to its greater tolerance for, and strategic use of, secured mortgage debt,” the agency said in a news release.

“VNO's high ratio of unencumbered assets to unsecured debt and appropriate leverage policies also support the rating.”

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