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Fitch turns Safehold outlook to positive
Fitch Ratings said it changed the outlook for Safehold Inc. (SAFE) and its wholly-owned subsidiary Safehold Operating Partnership, LP to positive from stable and affirmed the long-term issuer default rating and unsecured debt rating of at BBB+.
“The positive outlook reflects a sustained increase in the proportion of SAFE's unsecured debt, which was 57% of total debt at 3Q22, a continued extension of funding duration, and enhanced portfolio diversity. Fitch believes the pending merger with iStar Inc. (iStar; BB/stable) will clarify SAFE's long-term business strategy and resolve potential conflicts of interests between SAFE's and iStar's shared management team,” the agency said in a statement.
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