NEW YORK, Jul 31, 2002 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial
Inc. (NYSE: SFI), announced today that Moody's Investor Service has raised its
ratings outlook for iStar Financial's senior unsecured credit rating to
"positive." In its press release announcing the increase, Moody's cited "iStar
Financial's experienced management team, along with its ability to formulate
highly structured transactions utilizing strong underwriting skills," among
other factors leading to its decision.
Spencer B. Haber, iStar Financial's president and chief financial officer,
stated, "This action signals that we are on track to meet our objective of an
investment grade credit rating from Moody's, in addition to the investment grade
rating we received from Fitch Ratings on Monday. We view Moody's favorable
action as yet another important confirmation of the soundness of our business
strategy, asset quality and financial position."
iStar Financial is the largest publicly traded finance company focused
exclusively on the commercial real estate industry. The Company provides
structured financing to private and corporate owners of real estate nationwide,
including senior and junior mortgage debt, corporate mezzanine and subordinated
capital, and corporate net lease financing. The Company, which is taxed as a
real estate investment trust, seeks to deliver superior risk-adjusted returns on
equity to shareholders by providing innovative and value-added financing
solutions to its customers. Additional information on iStar Financial is
available on the Company's Web site at http://www.istarfinancial.com.
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SOURCE iStar Financial Inc.
CONTACT: Spencer B. Haber, President and Chief Financial Officer,
+1-212-930-9400, Andrew C. Richardson, Senior Vice President, Capital Markets,
+1-212-930-9400, or Erin C. Hart, Associate, Investor Relations,
+1-212-930-9400, all of iStar Financial Inc.
Copyright (C) 2002 PR Newswire. All rights reserved.