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Vornado taken off S&P's CreditWatch Negative

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Vornado taken off S&P's CreditWatch Negative

Vornado Realty Trust has been removed from S&P Global Ratings' CreditWatch with negative implications, with its BBB+ corporate credit and issue-level ratings affirmed.

The rating action comes after its JBG SMITH Properties subsidiary filed documents with the SEC for the proposed merger between JBG and Vornado's Washington, D.C., business.

The rating agency kept the outlook stable, reflective of its belief that Vornado will benefit from improved credit measures, stronger profitability and cash flow generation, despite the reduced geographical diversity of its operations that is likely to follow a merger.

The company was placed on CreditWatch Negative on Nov. 1, 2016, shortly after the spinoff was announced. Vornado's BBB- preferred stock rating was also affirmed, as well as Vornado Realty LP's BBB+ corporate credit rating with a stable outlook and BBB senior unsecured rating.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.