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Fitch lifts SL Green view to positive
Fitch Ratings said it affirmed the issuer default rating on SL Green Realty Corp. and its operating partnerships, SL Green Operating Partnership, LP and Reckson Operating Partnership, LP at BBB-.
Fitch also said it revised the outlook to positive from stable.
The positive outlook primarily reflects SL Green's public commitment to targeting stronger financial metrics, including sustaining leverage at 7x or less, the agency said.
The company also improved its unencumbered asset coverage of unsecured debt to 2.3x as of Sept. 30 from 1.6x at June 30, 2015, Fitch added.
The company’s credit strengths include its strong competitive position and high-quality New York office portfolio that enjoys high occupancy rates, long-term leases to solid credit tenants and above-average contingent liquidity from institutional lenders and investors, the agency said.
The company also has manageable, well-balanced lease maturity and debt expiration schedules, as well as limited floating-rate debt exposure, Fitch said.
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