The Italian Defense Industry - Market Attractiveness and Emerging Opportunities to 2016: Market Profile
- Published: May 2012
- Region: Italy
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 of $7.5 billion in debt maturing in 2011 and 2012 called into question management's ability to meet obligations on time without entering into a distressed exchange. Significant paydowns of that...
Companies mentioned in this report are: iStar Financial Inc.
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iStar Financial Inc.