iStar Announces Corporate Credit Rating Upgrade to Ba2 by Moody's

Rhea-AI Summary

iStar Inc. (NYSE: STAR) announced a rating upgrade from Moody's Investors Services, with its corporate family and senior unsecured ratings increasing to Ba2 from Ba3. The preferred stock rating was upgraded to B1, and the Speculative Grade Liquidity Rating has been withdrawn. The outlook remains stable. iStar focuses on modernizing the ground lease sector, enhancing value for real estate owners. Over the last two decades, iStar has completed more than $40 billion in transactions and aims to expand the use of modern ground leases within the $7 trillion commercial real estate market.

Positive

• Moody's upgraded corporate family rating to Ba2 and preferred stock rating to B1.
• Withdrawal of Speculative Grade Liquidity Rating indicates improved liquidity position.
• iStar has a proven track record with over $40 billion in transactions over 20 years.

Negative

• None.

NEW YORK, May 9, 2022 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today that Moody's Investors Services ("Moody's") has upgraded iStar's corporate family and senior unsecured ratings to Ba2, from a previous rating of Ba3. Additionally, Moody's has also upgraded iStar's preferred stock rating to B1 and has withdrawn iStar's Speculative Grade Liquidity Rating of SGL-2. The rating outlook is stable.

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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 institutional quality properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the creator of the modern ground lease industry, iStar is using its national investment platform and its historic strengths in finance and net lease to expand the use of modern ground leases within the $7 trillion institutional commercial real estate market. 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.

 

 

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SOURCE iStar Inc.

FAQ

What is iStar's latest credit rating from Moody's?

iStar's credit rating has been upgraded to Ba2 from Ba3.

What are the implications of Moody's rating upgrade for iStar (NYSE: STAR)?

The upgrade suggests improved creditworthiness and potentially lower borrowing costs for iStar.

What is iStar's focus in the real estate market?

iStar focuses on reinventing the ground lease sector to unlock value for real estate owners.

How much has iStar completed in transactions over the last two decades?

iStar has completed over $40 billion in transactions in the past 20 years.

What is the current outlook for iStar's credit rating?

The current outlook for iStar's credit rating is stable.