Moody’s ups Safehold, assigns A3 rating

Moody's Investors Service said it upgraded Safehold GL Holdings LLC's (formerly Safehold Operating Partnership LP) long-term issuer and backed senior unsecured ratings to A3 from Baa1 and changed the outlook to stable from positive.

In addition, following Safehold Inc.'s merger with iStar Inc. on March 31, 2023, through which iStar was the surviving entity and renamed to Safehold Inc., Moody's assigned an A3 long-term issuer rating and a stable outlook to the new Safehold Inc.

The Baa1 long-term issuer rating and positive outlook of the old Safehold Inc. were withdrawn.

“The ratings upgrade was based on Safehold's reduced governance risks following the recent merger and the company's solid financial performance, including strong asset quality and conservative leverage,” the agency said in a news release.

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