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05/18/2017

Fitch Ratings Assigns 'BB' Rating to iStar's Senior Unsecured Debt with Positive Outlook

NEW YORK, May 18, 2017 /PRNewswire/ -- iStar (NYSE: STAR) announced that Fitch Ratings launched coverage on iStar, assigning ratings for the Company's senior secured debt, senior unsecured debt and long-term issuer default rating with positive outlook. The following table summarizes Fitch's ratings:


Rating

Senior Secured Debt

BB+

Senior Unsecured Debt

BB

Long-Term Issuer Default Rating (IDR)

B+

 

"We re-engaged with Fitch in an effort to expand coverage of our credit ratings. We are pleased that Fitch has recognized the significant progress we've made over the past few years in bolstering liquidity, strengthening our balance sheet and executing on our business strategy and has assigned a 'BB' rating on our unsecured debt," said Geoffrey Jervis, iStar's chief operating officer and chief financial officer. "Lowering our cost of capital is a top priority for us. We seek to build on our significant positive momentum going into the second half of the year, which will hopefully lead to continued positive ratings actions in the future."

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iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fitch-ratings-assigns-bb-rating-to-istars-senior-unsecured-debt-with-positive-outlook-300460550.html

SOURCE iStar

Company Contact: Jason Fooks, Vice President of Investor Relations & Marketing, 1114 Avenue of the Americas, New York, NY 10036, T 212.930.9400, investors@istar.com

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