Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for iStar Financial Inc. > News item |
S&P cuts iStar Financial
Standard & Poor's said it lowered the long-term counterparty credit rating on iStar Financial Inc. to CCC from B-, along with the senior unsecured debt rating to CCC- from CCC+.
The outlook is negative.
The company's limited funding flexibility and severe credit quality deterioration in its loan portfolio continue to put negative pressure on the rating, S&P said.
An analysis indicates that the firm should not become insolvent and has ample liquidity to operate through 2010, but management faces a significant challenge with $3 billion in debt coming due in 2011 and $3.5 billion due in 2012, the agency said.
In the longer term, the company's concentration in highly cyclical commercial real estate will limit the ratings, S&P added.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.