Fitch Ratings affirmed Vornado Realty Trust's long-term issuer default ratings at BBB.
The outlook is stable.
The rating agency noted Vornado's high-quality portfolio located mainly in New York City with higher average occupancy rates and rents per square foot compared to peers as well as its long-term leases to tenants with solid credits. Fitch also pointed out that Vornado owns a large portfolio of street-level retail space in key, supply-constrained shopping corridors in Manhattan, N.Y.
Fitch said the stable outlook reflects its expectation that the company will reduce its leverage towards the mid-to-high 6.0x range.
