S&P ups iStar

Standard & Poor's said it raised its ratings on iStar Financial, including iStar's long-term unsecured senior debt rating, which was raised to BBB from BBB-.

The outlook is stable.

The company's preferred stock rating was also raised to BB+ from BB.

The ratings upgrade reflects the lessening concern S&P said it has for the stability of the business model, especially in light of management's successful efforts to diversify its funding base into the unsecured long-term debt markets while unencumbering a substantial portion of the balance sheet.

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