Fitch ups SL Green, debt

Fitch Ratings said it upgraded SL Green Realty Corp.’s issuer default rating to BBB from BBB-, senior unsecured notes to BBB from BBB- and perpetual preferred stock to BB+ from BB.

The agency also upgraded SL Green Operating Partnership, LP’s issuer default rating, senior unsecured revolver, senior unsecured term loan and senior unsecured notes to BBB from BBB-, and junior subordinated notes to BBB- from BB+.

The outlook is stable.

Fitch said the upgrade reflects the company's adherence to tighter financial policies, including targeting leverage below 7 times.

It also considers the progress SL Green has made against a transition to a predominantly unsecured borrowing strategy, including its recently demonstrated access to public unsecured bonds.

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