Moody’s revises SL Green view to negative

Moody’s Investors Service said it revised the outlooks for SL Green Realty Corp. and SL Green Operating Partnership LP to negative from stable.

“The revision of the rating outlook to negative reflects the increased likelihood of meaningful deterioration in some credit metrics such as the net debt + preferred to EBITDA, to about 12x, and fixed charge coverage, to below 2x, when the REIT’s pro rata share of unconsolidated joint ventures are included. Sustained weakness in leasing volume and pricing that would affect occupancy in the same-store pool and remaining lease-up of the construction projects are other credit concerns,” Moody’s said in a press release.

Moody’s also affirmed both entities ratings, including the Baa3 senior unsecured rating and Ba1 preferred stock rating.

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