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
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
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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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