Moody's affirms SL Green

Moody's Investors Service said it affirmed SL Green Realty Corp., SL Green Operating Partnership, LP and Reckson Operating Partnership, LP's senior debt at Ba1.

The outlook is stable.

The ratings reflect SL Green's organizational structure, business strategy and evolving capital strategy as well as the REIT's sound operating performance with strong occupancy in its Manhattan portfolio, which comprises 90% of annualized revenue, the agency said.

SL Green's on-balance sheet leverage metrics are moderate but are materially higher when taking into account its proportionate share of joint venture debt, the agency added.

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