Summary: iStar Financial Inc. May 08

Standard & Poors, May 2008

Abstract
Standard & Poor's Ratings Services' ratings on iStar Financial Inc. (iStar) are based on a well-executed competitive strategy that mitigates the effects of a CRE downturn, strong and consistent earnings, an unencumbered balance sheet, and improved diversification across business lines. Risks include exposure to credit quality deterioration in CRE lending (credit risk), concentration in an asset class that has been prone to cyclicality (market risk), large investments, and capital constraints attending its REIT structure. iStar's credit metrics will remain unsteady through 2008 while it manages through two developments: first, its July 2007 acquisition of Fremont General Corp.; and second, two of the more aggressive investments that were classified as nonperforming in second-quarter 2007. In addition, the company has made large...

Companies mentioned in this report are: iStar Financial Inc.,Fremont General Corp.
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

iStar Financial Inc.,Fremont General Corp.

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