Research Update: iStar Financial Inc. Jul 02

Standard & Poors, July 2002

Abstract
Standard & Poor's Ratings Services affirmed its ratings on iStar Financial Inc. and its wholly owned subsidiary, TriNet Corporate Realty Trust Inc. Approximately $800 million of debt and preferred stock is affected. The outlook was changed to positive from stable. The outlook revision reflects the company's strong asset-quality performance, demonstrated through both a weak economic environment and a difficult real estate market; substantial capitalization of $1.9 billion in equity; and continued efforts to term out its debt structure. iStar has continued to reduce marginally the credit risk in its credit tenant leasing (CTL) portfolio, and its mortgage portfolio has performed well since Sept. 11, 2001, and through the current weak economic environment and volatile real estate market. Nevertheless, the ratings...

Companies mentioned in this report are: iStar Financial Inc.,TriNet Corporate Realty Trust Inc.
Action: Review

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.

iStar Financial Inc.,TriNet Corporate Realty Trust Inc.

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