Moody's ups Forest City view to stable

Moody's Investors Service said it affirmed the B3 senior debt ratings of Forest City Enterprises, Inc., along with the Caa2 rating on its convertible preferred stock.

The outlook was revised to stable from negative.

The outlook revision reflects improvements in Forest City's performance that allowed the issuer to meet previously published benchmarks for the stable outlook, including fixed charge coverage above 1.2x and a net debt-to-EBITDA ratio closer to 14x, Moody's said.

The ratings also take into account Forest City's same-property net operating income growth across property types in the second half of 2010, the agency said.

© 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.