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Vornado Realty Trust ?BBB+' Corporate Credit Rating Affirmed; Outlook Stable Oct 07
Standard & Poors, October 2007
NEW YORK (Standard & Poor's) Oct. 16, 2007--Standard & Poor's Ratings Services today affirmed its 'BBB+' corporate credit ratings on Vornado Realty Trust and its subsidiary, Vornado Realty L.P. Concurrently, we affirmed our ratings on approximately $3.6 billion of senior unsecured debt and preferred stock. The outlook is stable. "The ratings and outlook acknowledge the strength and stability of cash flow that Vornado's profitable and well-positioned core real estate portfolio provides, as well as the company's currently excellent liquidity position," explained Standard & Poor's credit analyst James Fielding. "These strengths mitigate concerns about relatively lower fixed-charge coverage measures resulting from dilutive development and opportunistic noncore investment activity." Below-market leases in the Manhattan office market, manageable lease maturities in other real...
Companies mentioned in this report are: Vornado Realty Trust,Vornado Realty L.P.
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Vornado Realty Trust,Vornado Realty L.P.