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S&P Raises iStar Financial Ratings Outlook to 'Positive'

NEW YORK, Aug 1, 2002 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), announced today that Standard & Poors has raised its ratings outlook for iStar Financial's senior unsecured credit rating to "positive." In its press release announcing the increase, Standard & Poors stated that its positive outlook "reflects the company's strong asset-quality performance, demonstrated through both a weak economic environment and a difficult real estate market."

Spencer B. Haber, iStar Financial's president and chief financial officer, commented, "We are very pleased with S&P's rating action, and view it as another favorable sign of iStar Financial's positive credit momentum."

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

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SOURCE iStar Financial Inc.

CONTACT:          Spencer B. Haber, President and Chief Financial Officer,
                  Andrew C. Richardson, Senior Vice President, Capital Markets, or Erin C. Hart,
                  Associate, Investor Relations, all of iStar Financial Inc., +1-212-930-9400

Copyright (C) 2002 PR Newswire.  All rights reserved.
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