S&P ups SL Green notes to BBB-

Standard & Poor's said it affirmed the BB+ corporate credit rating and stable outlook on SL Green Realty Corp. and revised the recovery rating on the rated senior notes to 2 from 3, indicating that lenders can expect a substantial recovery (70%-90%) in the event of a payment default.

This improvement resulted in the upgrade of the company's senior notes to BBB- from BB+. The 2 recovery rating affects roughly $625 million of rated senior notes currently outstanding, the agency added.

The ratings on SL Green reflect a well-positioned office portfolio that should continue to have above-average occupancy relative to its markets, the agency said. Management's asset recycling activity continues to improve portfolio asset quality; however, the company's portfolio maintains considerable geographic and financial services-related tenant concentrations.

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