Research Update: Vornado Realty Trust 'BBB+' Corporate Credit Rating Affirmed; Outlook Stable Jun 06
- ID: 2027942
- June 2006
- Standard & Poors
On June 19, 2006, Standard & Poor's Ratings Services affirmed its 'BBB+' corporate credit ratings assigned to Vornado Realty Trust (Vornado) and its operating subsidiary, Vornado Realty L.P. In addition, the 'BBB' senior unsecured debt and 'BBB-' preferred stock ratings are affirmed. The affirmations affect approximately $2.7 billion of unsecured notes and preferred stock. The outlook is stable (see list). Vornado's very competitive core real estate portfolio and conservatively leveraged balance sheet, along with one of the REIT sector's strongest liquidity positions, support the affirmed ratings. Vornado's well-positioned CBD office properties, well-located retail centers, and stable merchandise mart properties are concentrated in very high-barrier-to-entry markets and provide stable and predictable cash flow. Although many of the properties are encumbered, overall...
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.
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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