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.

© 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.