Research Update: iStar Financial Inc. Ratings On Watch Positive After Announced Refinancing Transaction Feb 11

Standard & Poors, February 2011

Abstract
iStar will use a $3.0 billion secured credit facility to repay $2.1 billion of bank debt due in June 2011 and $0.9 billion of bank debt due in 2012. We are placing all ratings on iStar Financial on CreditWatch Positive. If iStar completes the $3.0 billion transaction as proposed, we expect to raise the counterparty rating. On Feb. 23, 2011, Standard & Poor's Ratings Services placed its ratings on iStar Financial Inc. (NYSE: SFI), including its 'CCC' long-term counterparty credit rating, on CreditWatch with positive implications. The CreditWatch is driven by iStar's announcement that it is in the process of securing a new $3.0 billion senior secured credit facility, which management will use to repay $1.65 billion of secured bank...

Companies mentioned in this report are: iStar Financial Inc.
Action: On CreditWatch:Positive

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

iStar Financial Inc.

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