iStar Announces Ratings Upgrade from S&P Global Ratings
NEW YORK, Dec. 24, 2019 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced that S&P Global Ratings has raised its issuer rating, senior secured, and senior unsecured debt ratings for iStar Inc. to BB from BB-, raised its preferred stock rating to B from B-, and assigned a stable outlook to the issuer credit rating.
In the rationale for the upgrade, S&P Global stated, "The conversion [of iStar's $200 million of convertible preferred stock into common equity] and iStar's recent debt refinancings have reduced interest expense and preferred dividends which, along with growth of its investment in Safehold Inc. should improve core profitability going forward."
S&P Global continued, "The stable outlook reflects our expectation that [S&P's calculation of] debt to adjusted total equity leverage will remain below 2.75x, supported by improved core earnings, and that iStar will maintain its long-term, largely unsecured funding profile and good liquidity."
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iStar Inc. (NYSE: STAR) is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on all types of properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the first publicly traded company to focus on modern ground leases, iStar is helping create a logical new approach to the way real estate is owned, and continues to use its historic strengths in finance and net lease to expand this unique platform. Recognized as a consistent innovator in the real estate markets, iStar specializes in identifying and scaling newly discovered opportunities and has completed more than $40 billion of transactions over the past two decades. Additional information on iStar is available on its website at www.istar.com.
This release may contain "forward-looking statements," which include information concerning the company's plans, objectives, goals, strategies, future revenues or performance, capital expenditures and other information that is not historical information. When used in this release, the words "outlook," "forecast," "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company or its customers will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the company's control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
SOURCE iStar Inc.
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