Fitch assigns Safehold notes BBB+

Fitch Ratings said it assigned an expected rating of BBB+ to Safehold Operating Partnership LP's planned unsecured debt rating. Safehold is a direct subsidiary of Safehold Inc., which is a guarantor of the notes. Safehold has a long-term issuer default rating BBB+.

“The expected rating on the unsecured debt is equalized with Safehold's and SOP's long-term IDRs and reflects the funding mix and the size of the unencumbered asset pool, which suggests average recovery prospects in a stressed scenario,” the agency said in a press release.

Fitch said it considers the offering to be relatively leverage neutral, as proceeds will be used to repay revolver borrowings and for general corporate purposes.

The outlook is stable.

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