iStar's Corporate Credit Rating Upgraded to Ba3 by Moody's
NEW YORK, Dec. 5, 2018 /PRNewswire/ -- iStar (NYSE: STAR) announced that Moody's has raised the Company's corporate family and senior unsecured credit ratings to Ba3 from B1. Additionally, Moody's upgraded iStar's preferred stock rating to B2 from B3 and maintained a stable rating outlook. This represents the second Moody's upgrade in the last 15 months. Upgrades were based on a combination of solid operating performance from core businesses, substantial reduction of legacy assets, and improved liquidity position.
"The ratings upgrade from Moody's reflects the significant progress we've made in enhancing our credit profile over the past few years," said Jay Sugarman, Chairman and Chief Executive Officer. "The positive ratings momentum should allow us to continue to reduce our cost of capital."
iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $40 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.
SOURCE iStar
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