Moody's ups Reckson debt

Moody's Investors Service said it upgraded the senior debt ratings of Reckson Operating Partnership, LP to Ba1 from Ba2.

The outlook is stable.

The rating upgrade follows an on-going review of Reckson's parent SL Green Realty Corp.'s organizational structure and business strategy, Moody's said.

The ratings reflect the support provided to Reckson's 2020 and 2025 bonds by SL Green Realty and SL Green Operating Partnership, as well as the guaranties that Reckson provides to both SL Green Realty's 2007 bank facility and 2017 convertible notes, the agency said.

The ratings also consider Reckson's significant asset concentration in midtown Manhattan. Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.