Fitch affirms SL Green

Fitch Ratings said it affirmed SL Green Realty Corp.'s issuer default rating at BB+ and perpetual preferred stock at BB-.

The agency also affirmed SL Green Operating Partnership, LP's issuer default rating, revolving credit facility and exchangeable senior notes at BB+ and its junior subordinated notes at BB.

Finally, it affirmed Reckson Operating Partnership, LP's issuer default rating, senior notes and exchangeable senior debentures at BB+.

The outlook is stable.

The affirmations reflect the company's credit strengths, including its manageable lease maturity and debt expiration schedules, granular tenant base, good contingent liquidity in the form of unencumbered assets and the company's maintenance of leverage appropriate for the rating category, Fitch said.

In the agency's view, these positive rating elements are balanced by a weak fixed charge coverage ratio and broader concerns regarding the midtown Manhattan leasing environment, which remains somewhat dependent on the growth of large financial institutions and supporting industries such as law and accounting firms.

The company's net debt-to-recurring operating EBITDA ratio was 8.8 times as of Dec. 31.

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