Fitch: SL Green preferreds BB-

Fitch Ratings said it assigned a BB- rating to the $200 million 6½% series I cumulative redeemable preferred stock issued by SL Green Realty Corp.

The proceeds will be used to redeem series C preferred stock and may also repay indebtedness or use the capital for general corporate purposes.

The company has an issuer default rating of BB+ and a perpetual preferred stock rating of BB-.

SL Green Operating Partnership, LP has an issuer default rating of BB+, unsecured revolving credit facility rating of BB+, exchangeable senior notes rating of BB+ and junior subordinated notes rating of BB.

Reckson Operating Partnership, LP has an issuer default rating of BB+, senior unsecured notes rating of BB+ and exchangeable senior debentures rating of BB+.

The outlook is stable.

The ratings reflect the company's credit strengths, including its manageable lease maturity and debt expiration schedules, granular tenant base and good contingent liquidity, Fitch said.

These positive factors are balanced by a low fixed-charge coverage ratio and broader concerns regarding the midtown Manhattan leasing environment, the agency said.

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