iStar Financial Inc. Senior Unsecured Debt Downgraded To 'BB-'; Issuer Rating Affirmed May 09
Standard & Poors, May 2009
Abstract
-- The reduction in unencumbered assets and the high volume of troubled loans among those assets has weakened the position of unsecured creditors. -- We are lowering our senior unsecured debt rating on iStar to 'BB-' from 'BB.' -- We could lower the ratings if losses are greater than we now expect, placing additional pressure on funding and capital levels. NEW YORK (Standard & Poor's) May 28, 2009--Standard & Poor's Ratings Services said today that it lowered its senior unsecured debt rating on iStar Financial Inc. to 'BB-' from 'BB'. At the same time, we affirmed our 'BB' long-term counterparty credit rating and 'B-' preferred stock rating on iStar. The senior unsecured rating was removed from CreditWatch with negative implications...
Companies mentioned in this report are: iStar Financial Inc.
Action: Affirmed
Action: Downgraded
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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
iStar Financial Inc.
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