PR Newswire | Jun 23, 2021 04:30PM EDT

06/23 15:30 CDT

iStar Announces Corporate Credit Rating Upgrade to BB by Fitch NEW YORK, June 23, 2021

NEW YORK, June 23, 2021 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today that Fitch Ratings ("Fitch") has upgraded iStar's corporate credit rating to BB, from a previous rating of BB-. Additionally, Fitch upgraded iStar's senior secured debt rating to BBB- from BB+, unsecured debt rating to BB+ from BB, and preferred stock rating to B from B-. The rating outlook is stable.

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iStar Inc. (NYSE: STAR) is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on institutional quality properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the creator of the modern ground lease industry, iStar is using its national investment platform and its historic strengths in finance and net lease to expand the use of modern ground leases within the $7 trillion institutional commercial real estate market. Recognized as a consistent innovator in the real estate markets, iStar specializes in identifying and scaling newly discovered opportunities and has completed more than $40 billion of transactions over the past two decades. Additional information on iStar is available on its website at www.istar.com.

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SOURCE iStar Inc.