Fitch Expects to Withdraw Ratings of iStar Financial

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings expects to withdraw its ratings of iStar Financial Inc. (iStar) at the end of a 30-day period beginning today. Fitch will continue to maintain coverage of iStar and its related entities prior to withdrawal. This advance notice is provided for the benefit of users in managing their use of Fitch's ratings.

Fitch has decided to discontinue the ratings in 30 days, which

are uncompensated.

Fitch currently rates iStar Financial as follows:

--IDR 'B';

--2012 senior secured tranche A-2 due March 2017 'BB/RR1';

--Senior unsecured notes 'BB-/RR2';

--Convertible senior notes 'BB-/RR2';

--Preferred stock 'CCC/RR6'.

The Rating Outlook is Positive.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria & Related Research:

--'Global Non-Bank Financial Institutions Rating Criteria' (April 28, 2015);

--'Criteria for Rating U.S. Mortgage REITs and Similar Finance Companies' (Feb. 24, 2015);

--'Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis' (Nov. 25, 2014);

--'Recovery Ratings and Notching Criteria for Equity REITs' (Nov. 18, 2014);

--'Corporate Rating Methodology' (May 28, 2014).

Applicable Criteria and Related Research:

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

Recovery Ratings and Notching Criteria for Equity REITs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=813628

Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=821568

Criteria for Rating U.S. Mortgage REITs and Similar Finance Companies

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=861835

Global Non-Bank Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865351

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150518006678/en/

Fitch Ratings
BRM
Ian A. Hodgart
Senior Director
+1-212-908-0819
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Primary Analyst
Steven Marks
Managing Director
+1-212-908-9161
or
Secondary Analyst
Sean Pattap
Senior Director
+1-212-908-0642
or
Media Relations:
Alyssa Castelli, New York, +1 212-908-0540
Email: [email protected]
Elizabeth Fogerty, New York, +1 212-908-0526
Email: [email protected]

Source: Fitch Ratings

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