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.
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SOURCE iStar Inc.