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iStar Financial Inc. Rating Lowered To 'CCC' From 'B-' Based On Debt Due In Next Two Years Jul 10
Standard & Poors, July 2010
iStar management faces a significant challenge as it explores alternatives to deal with debt coming due in 2011 and 2012. We are lowering our long-term counterparty credit rating on iStar to 'CCC' from 'B-'. iStar will likely meet its debt obligations in 2010, but will likely need to restructure future debt. NEW YORK (Standard & Poor's) July 9, 2010--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on iStar Financial Inc. (NYSE:SFI) to 'CCC' from 'B-'. At the same time, we lowered the senior unsecured debt rating to 'CCC-' from 'CCC+.' The outlook is negative. iStar's limited funding flexibility and the severe credit quality deterioration in its loan portfolio continue to put negative pressure...
Companies mentioned in this report are: iStar Financial Inc.
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iStar Financial Inc.