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iStar Financial Inc. 'BB' Senior Unsecured Debt Rating On CreditWatch Neg., Issuer Rating Affirmed Apr 09 Product Image

iStar Financial Inc. 'BB' Senior Unsecured Debt Rating On CreditWatch Neg., Issuer Rating Affirmed Apr 09

  • Published: April 2009
  • Standard & Poors

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Abstract
NEW YORK (Standard & Poor's) April 10, 2009--Standard & Poor's Ratings Services said today that it placed its 'BB' senior unsecured debt rating on iStar Financial Inc. on CreditWatch with negative implications. At the same time, we affirmed our 'BB' long-term counterparty credit rating and 'B-' preferred stock rating on iStar. The outlook remains negative. "The CreditWatch placement follows management's announcement that iStar will offer to exchange a portion of its existing senior unsecured notes for up to $1.0 billion of new, second-lien senior secured notes. The amount of assets pledged as security for the new notes will depend on participation in the exchange, but it is likely to be significant. We believe the additional claims on iStar's assets may...

Companies mentioned in this report are: iStar Financial Inc.
Action: On CreditWatch:Negative

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 READ MORE >

iStar Financial Inc.

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