Safehold (SAFE) Receives Credit Ratings Upgrade to A- from Fitch

Safehold Inc. (the "Company" or "Safehold") (NYSE: SAFE) announced today that Fitch Ratings ("Fitch") has upgraded its credit ratings on the Company to A- from BBB+, with a stable outlook. Fitch is also assigning an A- rating and stable outlook to the Company's operating subsidiary, Safehold GL Holdings LLC.

"This ratings upgrade is a strong result for the Company, and we appreciate Fitch's recognition of the significant steps we have taken to build a best-in-class credit profile, emphasizing high quality assets, stable funding sources and conservative leverage," said Brett Asnas, Chief Financial Officer. "We expect having 'A' ratings from two major agencies will drive better cost and access to capital, benefitting both shareholders and customers."

Fitch cited the rationale behind the ratings upgrade in their report: "The upgrade reflects SAFE's focus on the relatively low-risk ground lease asset class, characterized by growing, long-dated revenue streams and significant overcollateralization; expanded use of unsecured debt as a proportion of total debt; improved portfolio diversity; strong asset quality performance; low leverage; solid dividend coverage and an experienced management team."

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