- Language: English
- Published: August 2012
Summary: iStar Financial Inc. Apr 07
- ID: 2086492
- April 2007
- Standard & Poors
The ratings on iStar Financial Inc. (iStar) are based on the firm's strong and consistent earnings, a well-executed competitive strategy that should mitigate the effects of a frothy commercial real estate market, its unencumbered balance sheet, and improved diversification across business lines. Risks that iStar faces include concentration in an asset class that has been prone to cyclicality, large investments, and capital constraints attending its REIT structure. Concerns around the company's high credit risk profile are mitigated by its excellent credit loss history. Profitability, as measured by pretax margin, ROAA, and fixed-charge coverage metrics, is strong, reflecting the margins that attend lending to borrowers with high leverage and significant credit risk. In addition, earnings have been remarkably consistent (especially given...
Companies mentioned in this report are: iStar Financial Inc.
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.
SHOW LESS READ MORE >
iStar Financial Inc.