iStar Announces Corporate Credit Rating Upgrade to BB by Fitch

Rhea-AI Summary

iStar Inc. (NYSE: STAR) announced a significant upgrade in its credit ratings by Fitch Ratings. The corporate credit rating rose from BB- to BB, while the senior secured debt rating improved from BB+ to BBB-, and the unsecured debt rating elevated from BB to BB+. The preferred stock rating also increased from B to B-, with a stable rating outlook. iStar focuses on transforming the ground lease sector, contributing to the $7 trillion institutional commercial real estate market, and has completed over $40 billion in transactions in 20 years.

Positive

• Credit rating upgrades from Fitch indicate improved financial stability.
• Senior secured debt rating raised to BBB-, enhancing borrowing capacity.
• Established reputation in modern ground leases supports business growth.

Negative

• None.

NEW YORK, June 23, 2021 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today that Fitch Ratings ("Fitch") has upgraded iStar's corporate credit rating to BB, from a previous rating of BB-. Additionally, Fitch upgraded iStar's senior secured debt rating to BBB- from BB+, unsecured debt rating to BB+ from BB, and preferred stock rating to B from B-. 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 recent credit rating change did iStar (NYSE: STAR) receive from Fitch Ratings?

Fitch Ratings upgraded iStar's corporate credit rating from BB- to BB.

What are the new ratings for iStar's secured and unsecured debt?

iStar's senior secured debt rating is now BBB-, and the unsecured debt rating is BB+.

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

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

What is the focus of iStar Inc. in the real estate sector?

iStar is focused on reinventing the ground lease sector and unlocking value for real estate owners.

What is the outlook of Fitch Ratings for iStar Inc.?

The rating outlook for iStar is stable.