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Moody's rates iStar loan B1
Moody's Investors Service said it assigned a B1 senior secured rating to iStar Financial Inc.'s October 2012 senior secured facility.
The agency said it simultaneously upgraded iStar's March 2012 senior secured facility tranche A-1 rating to Ba3 from B1, its March 2012 tranche A-2 rating to B1 from B2, the corporate family rating to B2 from B3 and the senior unsecured debt to B3 from Caa1.
Moody's said these rating actions follow the announcement that iStar plans to raise $1.8 billion in a new senior secured credit facility which will refinance the 2011 senior secured credit facility.
The outlook is stable.
The agency said current ratings reflect the REIT's success in extending near term debt maturities and improving fundamentals in commercial real estate. The ratings on the October 2012 senior secured credit facility takes into account the asset coverage, the size and quality of the collateral pool, and the term of facility.
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