Industry Economic And Ratings Outlook: Gradual Improvements In Operating Fundamentals Continue To Support North American REITs Feb 12
- Language: English
- Published: February 2012
- Region: North America, United States
New York City-based Vornado Realty Trust's core portfolio of mostly office and retail properties provided relatively robust cash flow growth in 2010. Strong internal growth and lower debt costs offset dilutive noncore investment activity and supported improved coverage measures. We affirmed our 'BBB+' corporate credit rating on Vornado as well as our ratings on roughly $2.6 billion of unsecured notes and preferred stock. We removed our ratings from CreditWatch with negative implications. We assigned a stable outlook to reflect our expectation for continued, albeit more gradual, improvement in coverage measures in 2011. On March 16, 2011, Standard & Poor's Ratings Services affirmed its 'BBB+' corporate credit rating on Vornado Realty Trust and removed it from CreditWatch, where it had been...
Companies mentioned in this report are: Vornado Realty Trust,Vornado Realty L.P.
Action: Outlook: Stable
Action: Removed From CreditWatch
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Product Type: Research Update
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Vornado Realty Trust,Vornado Realty L.P.