Research Update: Vornado Realty Trust Corporate Credit Rating Affirmed At ?BBB+? And Taken Off CreditWatch Negative; Outlook Stable Mar 11
- ID: 2027736
- March 2011
- Standard & Poors
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
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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