iStar Financial Inc. Apr 11
Standard & Poors, April 2011
Abstract
Adequate capital levels. Improved funding flexibility. Focused business strategy with good execution. Severe credit-quality deterioration has caused losses and impeded capital formation. Concentrated in highly cyclical commercial real estate lending. Severe credit quality deterioration and a concentration in highly cyclical commercial real estate (CRE) limit Standard & Poor's Ratings Services' ratings on iStar Financial Inc. Improvement in the firm's capital levels and funding flexibility partly offset these negative rating factors. From 2007 through 2010, management was able to execute a rapid pull-back in operations through a protracted and severe recession in CRE markets. Throughout this period, our analysis has consistently indicated that iStar would not become insolvent. Nevertheless, we lowered the rating to 'CCC' in July 2010 because a wall...
Companies mentioned in this report are: iStar Financial 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.
Research Type: Full Analysis
iStar Financial Inc.
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